FARMFINANCE
By Jim Snyder
Strategic planning success
Following basic business principles can ensure your farm’s profitability for years to come
n the previous article, we talked about what type of information lenders look for when reviewing your farm’s finances. Financial statements only offer a glimpse of your farm’s financial stan-
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ding. Analysing your farm’s past performance and future plans often gives lenders a better picture of your farm’s financial health. Most of you likely have some form of a strategic plan but few may have
put it in writing. It need not be a daunting task. First, think of your strategic plan as a process, much like a hockey game. Everyone knows the goal is to put the puck in the net. Doing so, however,
A strategic plan is about committing to a process and getting everyone to help see it through to completion. 22 | July 2010 | MilkPRODUCER
Table of Contents for the Digital Edition of The Milk Producer - July 2010