Country Farm and Business Management
Farm and Business Management (FBM) is a practice that involves coordinating all aspects your agricultural operation to maximize your income and profit potential. This process involves a wide range of skills and knowledge, including planning, management and economic analysis.
The following are key practices for the management of country farms and businesses:
Marketing – selling your products and services to consumers. Finance – borrowing money to fund your business. Risk management: ensuring your business is protected against disasters.
Financial – creating a pro-forma enterprise budget and a real one to help forecast earnings and expenses. Calculating ratios. Setting financial goals.
Write down how you my link plan to achieve your objectives. This will help you to think through the different functions involved in your business and to identify weaknesses.
You will also need to check if the land you own is zoned for production, or if there are any zoning regulations which limit the type production you can do. Check with your county or township to see if they have any restrictions.
Your business will need public facilities as well, such parking areas, signage and customer assistance. These will be necessary to accommodate customers and guests to your farm/ranch. They should also be maintained in compliance of zoning, environmental laws and food safety laws.
Your business will ultimately need to be self sufficient and a reliable source of income. This means having enough off-farm income to cover living expenses and saving for the future of your business.