So, you think you want to farm? Step #1: Define your Farm Business Goals and Objectives
Posted: July 23, 2015
This will help you refine your business concept. It is also essential to help you communicate with service providers like the bank and extension.
It is often helpful to think about your goals in terms of the ‘triple bottom line’: people, profit and planet.
- What are your profit goals? i.e. how much income do you need from the farm?
- What are your goals for enhancing and/or maintaining your quality of life?
- Do you have goals of how your farm will maintain or improve the natural resources and environment?
Specific questions to consider include:
- What is your personal goal for your new agricultural business? (I.E. to provide 50% of your income, and contribute positively to my community.)
- How much do you plan to sell (sales volume)?
- How many hours do you plan to work?
- How many people will be working on the farm/ will you have employees?
- How do you plan to measure customer satisfaction?
- What is your profit goal?
Each goal must be stated in a quantitative manner that allows you to track progress. You must be able to measure it.
Objectives are specific strategies for reaching goals. A goal may have several objectives and every objective must be measurable. As you define your business, you will want to assign responsibility for each objective to individuals within the business.