4 “Ps” of Farm Business Success

January 21, 2019 03:43 PM
 
The most driven and profitable farmers are just a little better at production, marketing, cost control and asset and capital efficiency.

Why are some farmers more successful than others? How do some farmers find opportunity in tough times? The most driven and profitable farmers are just a little better at production, marketing, cost control and asset and capital efficiency, says David Kohl, professor emeritus of agricultural finance at Virginia Tech University.

We’re coming into an environment where farmers need to make a lot of base hits, not home runs,” Kohl told the 2019 class of The Executive Program for Agricultural Producers (TEPAP). “The disciplined process manager will do very well in this type of environment.”

Kohl says farmers need to focus on four elements for business success.

Purpose: Work toward your passion.

Picture: Map where you want to go.

Planning: Write a business plan and a mental image detailing your strategy and tactics.

Partnering: The people you will engage and align with to accomplish the plan.

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