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PLANNING FOR PROFITABILITY - TOP TEN LESSONS IN MANAGING HEALTHY PROFITS FOR A SUSTAINABLE FUTURE

Doolarie Singh-Knights

Summary

For most agribusiness operators, producing and/or processing their products are almost second nature, but building their enterprise into a successful business model requires another set of skills that must be mastered. Direct markets for fresh and unique food products are among the most rapidly growing farm opportunities in West Virginia (WV) and nationally. People in WV and around the country are looking to buy tasty, healthy foods directly from farmers — farmers with whom they can talk, ask questions and build relationships. However, these new market opportunities, particularly with farmers’ markets, community supported agriculture (CSA), or roadside stands, require expertise in business management and customer service as well. The key to your success will depend on great business management skills, not just being able to produce a good product.
Whether one is farming with borrowed funds or their own savings, heading into a farm venture without some degree of planning is like setting sail across the ocean without a map. They are likely to run into bumps and twists that can derail their venture and cause them to lose their investment.
This presentation covers ‘top ten tips in planning for profitability’, garnered from results of several ERME funded projects, that will help with the delicate balancing act that all farmers must succeed in: balancing healthy profits with happy customers. Attendees will learn how to take the ‘big picture’ or ‘holistic’ approach to having a profitable agribusiness, and how to build profits into business plans up front, rather than hoping there is something left over once expenses are subtracted from income. These initial ten lessons in profitability will provide ‘holistic’ risk-management strategies to help small and limited resources beginning and mid-level producers to build profitable, viable and sustainable agribusinesses.

Details

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