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?
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.
Part I of this article series introduces “The Memory Jogger” booklet and how brainstorming and nominal group technique can help generate your farm’s next great idea.
Risk and farming are two sides of the same coin. Like many industries, the farm business lives with and deals with risk daily. Further, the number of risks and their costs are increasing. These increases make the management of risk a vital component for successful long-term profitability. Risk is the probability that some event will cause exposure to […]
