Country farm and business administration encompasses all aspects of managing an effective agriculture business. It involves identifying what consumers want that the farm is able to meet and determining the best way to combine basic resources like land, labour and capital, to maximize the return. It also involves making choices that balance environmental, economic and social elements in addition to addressing regulatory and Agritourism challenges.
Developing an innovative big idea and preparing and executing an “elevator pitch” are crucial first steps in becoming an agribusiness leader. Next, create an outline of the business plan that explains how to transform the big idea into reality. Then, you must identify and analyze the risks associated with agribusiness that could affect the plan. Find an option for financing that will meet your needs.
In addition to planning for the future, good farm managers are constantly working to assess the effectiveness of current practices as well as evaluating new technology. They should be able obtain and interpret information quickly. This could include inputs from other farmers, extension workers as well as private agribusiness firms, research workers, libraries and other friends. They must also possess the ability to think creatively, and perform mini-experiments.
Budgets are an important tool to analyze a farm’s business, but their reliability is often compromised by the high degree of variation. Therefore, budgets should be complemented by probability distributions of weather events and prices. This way, the risk to the company can be assessed and the impact of different alternatives can be more effectively analyzed.