By Jonathan LaPorte
Are you planning to be the next generation farm operator? Whether you represent the transition of generation, employee to owner, or as a new entrant to the business, a fresh look at management will be necessary.
Introducing the Beginning Farmer DEMaND (Developing and Educating Managers and New Decision-makers) series, a line of publications from Michigan State University Extension, designed to help beginning farmers learn about financial and business management strategies. These strategies will assist these farmers in developing into the next managers and decision-makers on the farm.
Currently there are several publications available on the DEMaND website (https://www.canr.msu.edu/farm_management/DEMaND-Series/):
Bulletin E-3406: Transitioning From Labor Force to Decision-Maker by Jon LaPorte, MSU Extension – As a new decision-maker, your viewpoint of the farm and its challenges have now begun to change. How do you go about including new information with what you already know about farm production? This publication offers suggestions to help beginning farmers as they begin to transition into a decision-maker on the farm.
Bulletin E-3407: How to Motivate Your Lender to Say, “Yes” by Jon LaPorte, MSU Extension –Making your first request for a farm loan is an important moment as a beginning farmer. You want the lender to understand and acknowledge your commitment as well as be impressed with your ideas for the farm. Simply put, you want that lender to say, “yes!” to your plan and make an investment in your farm. This publication assists beginning farmers to understand the lending process in order to obtain farm financing.
Bulletin E-3408: From Bursting with Ideas to Developing a Plan by Phil Durst, MSU Extension –When you think about the possibilities of new products, new markets, new means of connecting with customers, you are thinking like an entrepreneur. Entrepreneurs not only see opportunities, but they take steps to realize them; that is, they put a plan in action to achieve a goal. This publication offers suggestions to help beginning farmers organize their ideas and turn them into a plan of action.
Bulletin E-3410: Understanding Enterprise Budgets and Economic Profit by McKenna E. Clifford, MSU Department of Agricultural, Food, and Resource Economics, and Melissa G.S. McKendree, MSU Extension – When operating an agricultural business, you need to have a firm grasp on expected revenues, expenses and profitability. Knowing these numbers for each enterprise on the farm can help you, the operator, make informed decisions that affect your profitability and longevity. This publication focuses on the use of enterprise budgets to help beginning farmers obtain a firm grasp on revenues, expenses, and profitability.
From understanding the farm goals to identifying new opportunities for success, the goal of the DEMaND series is to help beginning farmers gain a better understanding of how they can start influencing their farm business today. Continue to check the website as more publications will continue to become available throughout the year.
Source : msu.edu