Grainswest - Fall 2024

Fall 2024 grainswest.com 27 FEATURE A ccording to research from Farm Management Canada (FMC), less than one in four Canadian farmers have a written farm business plan. Such a document serves as a decision-making roadmap. While it can be used to manage and mitigate risk, it also sets a course to achieve goals. A comprehensive plan outlines important aspects of a farm that include environmental considerations, financial projections, market analysis, strategy and vision. With a regularly updated plan, a farmer may improve operations, increase profitability and ensure long-term success. It can be adjusted as a farmer faces change in the agricultural landscape and provides a clear guide for a farm’s future. Overall, it helps farmers remain flexible, adapt to new challenges and seize opportunities. Whether it includes experimentation with a new crop, investment in high-tech equipment or a farm succession strategy, a business plan can guide the way. PREPARE FOR SUCCESS A farm business plan provides big benefits By Emily R. Johnson Photo: Shutterstock