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Employing Peer Advisory Groups to implement New Business Risk Management Strategies

Francisco Abello

Summary

Producers face production, marketing, financial and human risk during the implementation of new technologies and management strategies. Peer advisory groups of producers implementing these new production systems were developed and served as a reciprocal advisory board and address these new challenges. Per advisory groups were formed by ranchers, and farmers willing to share their experiences help members make the most of each individual’s skill set to achieve goals, avoid problems and make better-informed, more timely decisions in their businesses.



During each monthly meetings, participants implemented new production concepts in their operations and continue production education with facilitators and peers. They continuously learn about the economics of grazing-based operations, emphasizing beef-cattle production within peer group participants. The group have also focused focus on the cost of production analyses, measuring progress, benchmarking within the group, group management skills, and business management.

Details

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