Many farm and ranch operators now look back at two or three years ago as "the good old days," when they had a handle on the risks they faced and how to deal with those risks. The heightened turbulence in prices of both inputs and outputs has changed the face of business for those in agriculture.
To return to profitability and continue to prosper in the years to come will require "going to a new (higher) level, according to Bob Milligan, senior consultant with Dairy Strategies, LLC and professor emeritus, Cornell University. "Going forward, business owners—farmers, golf course superintendents, agribusiness professionals—must make decisions based on their best judgment as to where their industry will be, not to where it is today. That means boosting your understanding of the environment in which your business operates."
It also means becoming even more efficient and quality-focused (no defects!).
"Greater demands in the financial and leadership areas mean more reliance on other members of your workforce and also on your trusted advisers," he says. "Greater attention to attracting, retaining and developing an exceptional workforce will be key to success."