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Leave a Legacy

RSS By: Kevin Spafford, Legacy Project

Kevin Spafford is Farm Journal’s succession planning expert for the Farm Journal Legacy Project.  He hosts the nationally-televised ‘Leave a Legacy’ TV, facilitates an ongoing series of workshops for farm families across the U.S., and is the author of Legacy by Design: Succession Planning for Agribusiness Owners.

Not Planning for Business Growth/Development

Sep 02, 2008
Continuing our look at the twelve most common mistakes agribusiness owners repeat, #6 addresses failing to plan for growth and development.

Click here to review previous posts. 



 
The two basic avenues of business development are:

Grow bigger – increase gross income by increasing the size and scope of the current business model. Then factor in a small net income bump for economies of scale.

Or, create a specialization – a niche – either vertically or horizontally integrating additional capabilities into the existing operation.

To grow in either direction requires a written business plan. Creating a detailed business plan will help an owner to decide which direction to grow, the best path to take, a budget of time and money for growth, and a realistic timeline for achievement. A business plan is comprised of ten basic parts.  >> 

What are they?
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