A written business plan defines your farm's goals and objectives. It says who, when, where and what you produce, how you are going to market, and the financing behind your farm.
A written business plan is often a requirement when seeking financing to start a new farm business or expand an existing one.
A written business plan can be a road map for your farm.
It defines your goals and objectives. "You are saying who, what, when and where as far as what you produce, how you are going to market it and the financing behind your business," says Karisha Devlin, a University of Missouri Extension agriculture business specialist.
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"You are not setting the next generation up to be successful if you are keeping everything to yourself. Putting everything down on paper helps everyone feel like a team and understand the direction that the operation is going," she says.
To learn more about what a written business plan can do for you, read Farm business plans improve efficiency and profitability.