Farm and Business management (FBM), also known as farm and business planning, is the process of coordinating every aspect of your agricultural operation with a view to maximizing your income and profit. This process involves a wide range of skills and knowledge, including planning, management and economic analysis.
Key practices for managing a country farm or business include:
Marketing – the sale of goods or services to consumers. Financing – loans that finance your operations. Risk management – making sure your operation is protected from disasters.
Financial – creating pro forma and actual enterprise budgets in order to forecast income and expenses, calculating ratios, and setting financial goals.
The first step to achieving your objectives is to create a plan. This will help to identify the weaknesses in your business by thinking through the different functions.
Next, you will need to determine if your land is zoned for production or if it has zoning regulations that limit the type of production you can do. You should check with your township and county to see if there are restrictions that could affect your plans.
Your business will also need adequate public facilities, such as parking areas, signage, and customer assistance. These facilities are required to accommodate visitors and customers to your farm/ranch.
Your business must be self-sustaining in order to generate income. This means that you need to have enough http://www.mountaincountryfarm.com/generated-post-3/ income from your business to cover your living expenses, and save for the future.