Farm and business Management (FBM), is the practice where you coordinate all aspects of your farming operation to maximize income and profit. In this process, a variety of skills are used, including planning management, economics and marketing.
Key practices for country farm and business management include:
Marketing is the sale of products or services to customers; financing is the borrowing of money to finance operations; and risk management is ensuring that you are protected from disasters.
Financial – creating a pro-forma enterprise budget and a real one to help forecast earnings and expenses. Calculating ratios. 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.
You will data room software document storage services for enterprise then need to determine whether your land is zoned production or if there are zoning restrictions that limit what you can produce. Check with the township or county to determine if there is any restriction and how it might affect your plan.
You will also need to provide adequate public facilities for your business, such as parking lots, signage, and assistance to customers. These facilities will be needed to accommodate your customers and visitors and should be in compliance with food safety, environmental and zoning laws.
Ultimately, your business will need to be self-sustaining and a viable source of income. This means earning enough money to cover your daily expenses and save up for the future.