As an owner or member of the farm family team, you deal with decisions every day, week and month. In many founder-led businesses, the independent farm culture subscribes to the “we figure it out on our own” mantra as a point of pride. This feels like an inexpensive approach, but missing key technical details or up-to-date information can be very costly to your farm business.
More farm business leaders are starting to recognize the value of having trusted professionals outside the business who they can go to for advice and guidance. Almost every Canadian farm regularly works with an accountant, but farmers are increasingly looking to, and relying on, decision-making expertise in additional niches such as agronomy, financial planning or lending. These advisors are defined as “a person influencing decision-making”.
The challenge is not finding advisors. A quick Google search returns hundreds of options. Plus, almost anybody will offer an opinion when asked. But there’s a risk to these approaches. Research has proven that a person with a little bit of knowledge grossly overestimates their own competence. (Google “Dunning-Kruger effect” to learn more about this phenomenon.) So, who you ask for advice, guidance and information has a great impact on the quality of the response you’ll receive.
And since decisions can be a difference-maker when it comes to profitability, stability, relationships and stress, it matters who you listen to!
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