The Extension Farm Management Program provides research-based farm business management information, resources and tools to farmers and agribusinesses to improve profitability through informed decision-making.
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Cyclical lows tend to be a time of greater anxiety for many and include increased exit from the industry. However, even in cyclical lows, some farms are making profits. For these farms, it is also a time of opportunity as capital asset prices for machinery, land, and cows are often lower as well. The question is: What do these successful farms look like at the end of cyclical highs that enable them to continue that success during cyclical lows?
Whether it’s fire, flood, wind, or injury- a disaster on your farm can cause devastating loss and requires pre-planning to minimize the disruption.
As the harvest season approaches, put on your pilot’s cap. Get your team together. Pull out your manuals, checklists, and protocols. Be purposeful. Make the changes that need to be made, and make sure all of your team members have their wings! It’s a lot of work, I realize. But as we see from our friends in the airline industry, it does make a difference!
Part II of this article series discusses how to clear obstacles that litter the path to implementing important decisions on the farm through the use of Fishbone Diagram and Forcefield Analysis.