Current challenges and opportunities in agriculture, make it critical to think strategically, honestly and creatively about your individual pork production business, says Margot Rudstrom, University of Minnesota Extension farm manage-ment specialist. Part of that thinking should include a business plan for your individual operation, especially if you haven’t yet done so.
“There are several reasons to create a business plan,” Rudstrom explains.
First, its purpose is to facilitate change in a farm business.
Second, it is a tool to communicate your business goals both internally – with family members – and externally – with lenders or investors.
Finally, it helps managers think through where your business is at today and where it is going in the future.