Business growth can mean more acres, employees or revenue. What does it mean to you?
“Defining growth leads to a vision of where you want your business to go,” says Chris Barron, consultant with Ag View Solutions and an Iowa farmer. “It is important to define what growth means to us, and then share that with our team.”
As you think about your growth goals, Barron encourages you to
consider these factors:
- Purpose. Why is it important to grow? Consider how your farm’s growth contributes to your family, society and our industry.
- Relationships. Transparent communication around why you are growing and how you’re growing is essential, Barron says. You want everyone to have clear expectations.
- Goals. Strategic goals around growth help establish direction. “A lot of time operations have yield goals or feed efficiency goals,” he says. “That’s great, but what are some of your longer-term business goals? Get those clearly defined.”
- Focus. Businesses should evolve, but they need to stay true to their core competencies. Farm diversity can be a strategic advantage, Barron says, but make sure you excel in every area of your business. “If we’re not good at something, hire it done,” he says.
- Education. Network with the right people to encourage and challenge your operation. Also, he says, realize sometimes education is sitting in your office and just doing some thinking.
- Risk Mitigation. Not all growth is positive or sustainable. As you make growth plans, have an exit
- strategy. This is important if you have on-farm and off-farm family, he notes.
- Health. Focus on physical and mental health. “We need to do a better job of taking care of ourselves with exercise, sleep and nutrition,” Barron says. “We have control over those things.”
- Reflection. “This is about being self-aware,” he says. “What can you do to improve? This is also about showing gratitude for who is helping you in your growth journey.”
Listen to Barron discuss business growth on “The Ag View Pitch” podcast:
