; NY FarmLink - Lessons Learned from Business Planning | Conferences | AgRisk Library


Conference Name NY FarmLink - Lessons Learned from Business Planning

A. Edward Staehr


Farm families request assistance in business planning for numerous reasons. Some loan applicants are required to develop a business plan to obtain financing for a new enterprise or business expansion. Others are in search of grants to offset project costs and need to submit a fully developed business plan as part of an application process. Another example is farm families who wish to explore the feasibility of making a major business change. Reasons for developing a business plan yield different outcomes. However, a universal factor is that approximately 85 percent of farmers requesting business planning assistance from NY FarmLink lack detailed financial information to evaluate their business’ present financial performance. Educational opportunities exist to integrate benchmarking into business planning efforts for improved decision making among farm managers.