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Future Vision and Mission Planning for Success in Farming Business

Learn to define your business vision and mission, set SMART goals, and build a strong team for a successful farming operation. This comprehensive plan outlines market opportunities, financial forecasts, and strategic implementation for growth and profitability.

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Future Vision and Mission Planning for Success in Farming Business

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  1. Ranch Dollar$ and $en$e

  2. Where are you headed? Will you be the first to know when you have “arrived?”

  3. What’s your vision of the future of your operation?

  4. Vision: What you would imagine your business to be under the best of circumstances. It’s a statement that declares what you expect your business to become

  5. Attractive Future • Represents a Target • Attainable • Realistic • Credible Example: Beef produced on High Noon Ranch will represent the protein of choice by American consumers

  6. Are you on a Mission? Every business should be!

  7. What is your mission? Mission:Defines an organization and its function. A mission statement gives a farm/ranch an identity by defining its purpose. Describes what will be done to fulfill the vision Commitment to action

  8. Mission Example: High Noon Ranch chooses to raise and market fed cattle through a vertically coordinated alliance that responds to the demands of the consumer. Defines the business in which the ranch is engaged Need to satisfy the consumer

  9. Where is your business plan? Plan Outline 1) Company Overview a.) Vision b.) Mission c.) Guiding principles

  10. Plan Outline 2) Market Opportunity Analysis A.) Economies 1) International Economy a.) Debt b.) Unemployment c.) Expectations

  11. Plan Outline 2) Market Opportunity Analysis A.) Economies (continued) 2) Domestic Economy a.) CPI and consumer confidence b.) Unemployment c.) Expectations

  12. 2) Market Opportunity Analysis A.) Economies (continued) 3) Farm Economy a.) Commodity Supply & Demand b.) Prices c.) Agribusiness profitability d.) Local, state, national, world competition e.) Financial health f.) Land prices

  13. 2) Market Opportunity Analysis B.) Market Analysis 1- Size and number of farms 2- Industry life cycle a.) Introduction b.) Growth c.) Maturity d.) Decline 3- Competition 4- Customers 5- SWOT

  14. 2) Market Opportunity Analysis C.) Marketing Goals/Objectives 1- Goals, objectives, strategies, tactics 2- Commodity mix 3- Promotion

  15. 2) Market Opportunity Analysis D.) Implementation Controls, Measuring and Monitoring 1- Organizational Structure 2- Operations 3- Risk Management 4- Records and Controls

  16. 2) Market Opportunity Analysis E.) Financial Forecasts (5 years) 1- Assumptions 2- Net Farm Income 3- Cash flow 4- Proforma balance sheet 5- Net Present Value 6- Graphs & charts

  17. Executive Summary “Contains the important information from each outline category”

  18. Farm Plan • Done correctly, it will take time (“no pain, no gain”) • Reality check and road map to future • Guidance system through difficult times • Nearly eliminates the probability of misunderstanding business’s future • Minimizes conflict • Incorporate values and morals

  19. Goals  Why goals? Is an end toward which one directs some specific effort

  20. Why Set Goals? • Serve as a benchmark to measure success and levels of performance • Establish a sense of direction that is necessary for growth and success • Written goals can be reviewed by others to ensure each element of the goal is included

  21. People who set goals • Suffer less stress & anxiety • Concentrate better • Show more confidence • Perform better • Happier with their performance • Improved teamwork

  22. SMART Goals • Specific • Measurable • Action-oriented • Realistic • Time and resource constrained

  23. Example: SMART Goal Learn about price risk management strategies and use one price risk tool by 12/31/00, while spending up to $1,000.00 for the training.

  24. Success Individual  Decisions  Vision, Mission, Goals

  25. Vision ____________________________________________________________________________________________________________________________________________________________________________________

  26. Mission __________________________________________________________________________________________________________________________________________________________________________________________

  27. SMART Goals _____________________________________________________________________________________________________________________________________________________

  28. Build A Team • Establish Goals • Define expectations of personnel • Allow for mistakes, create a plan to minimize them • Evaluate company, team, and personal goals • Always be positive! • Do “teaming” activities • Hire “coachable” employees

  29. Build a Team (continued) • Allow time for training and personal development • Recognize “personnel for performance” (ex: trips, supper, etc…) • Allow a system of feedback (start, stop, continue) • Commitment and trust are essential • Have FUN!

  30. Farm Analysis • Big is not always better • Net income is important • Change in net worth is the key

  31. Source: KFBM, 1993.

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