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Sieverkropp Consulting LLC. Contact: Elizabeth Sieverkropp [email protected] ( 509) 398-6858 Website: www.sieverkroppconsulting.com Training Program Homepage: www.sieverkroppconsulting.com/fsa-borrower-training-program-homepage. Introductions. Name Where do you farm?

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sieverkropp consulting llc
Sieverkropp Consulting LLC.

Contact: Elizabeth Sieverkropp

[email protected]

(509) 398-6858

Website:

www.sieverkroppconsulting.com

Training Program Homepage:

www.sieverkroppconsulting.com/fsa-borrower-training-program-homepage

introductions
Introductions
  • Name
  • Where do you farm?
  • What do you farm?
strategic farm management

Strategic Farm Management

Characteristics of Successful Farm Managers, Goals Setting, SWOT Analysis

objectives
Objectives
  • Understand the importance of strategic management on the farm.
    • Understand how to set effective goals
    • Understand how to develop a mission statement and tell your farm’s story
    • Understand how to survey the business environment
characteristics of admired companies
Characteristics of Admired Companies
  • Lean towards action
  • Learn the needs of their customers
  • Promote managerial autonomy and entrepreneurship
  • Achieve production by paying attention to needs of their employees
  • Driven by value-based company philosophy
  • Focus on what they know best
  • Simple organizational structure

Source: Essentials of Management by Koontz & Weihrich, 8 edition

traits of successful farm managers
Traits of Successful Farm Managers
  • What is a manager?
    • “Someone who is in charge of a business, department, etc..”

~Merriam-Webster

  • What is a successful manager?
    • A successful manager continually adjusts decisions based on economic, technological, political, environmental conditions, and structural shifts.
  • Think of how differently you farm compared to prior generations.
what do successful farm managers do
What do successful farm managers do?
  • Set goals, research, and devise a detailed plan of action
  • Communicate and execute plan of action with employees
  • Record and analyze the results of implementation
  • Keep a journal
  • Adjust the plan for the future based on results
what do successful farm managers do1
What do successful farm managers do?
  • Know exactly where the business is financially
  • Build connections and research input costs and technology improvements
  • Know how your farm can be more efficient
  • Effectively communicate and motivate employees
purdue university top producers
Purdue University Top Producers

* 100 = Highly Adopted

Source: http://www.agrisk.umn.edu/Library/Display.aspx?RecID=3953

what should you do
What should you do?
  • Your time managing the farm should be split between:
    • Planning
    • Implementation
    • Control
    • Adjustment
  • Goal: find the balance that works for your farm.
strategic v tactical management
Strategic v. Tactical Management

Strategic: Overall Strategy

Tactical: Implementing Strategy

Decision Making

Identifying problem/opportunity

Identify alternatives

Collect data/information

Analyze alternatives and make a decision

Implement decision

Monitor/evaluate results

Accept responsibility

  • Define the mission of the business (Mission Statement)
  • Formulate the goals of the business (SMART Goals)
  • Access the resources of the business (SWOT analysis)
  • Survey the business environment (SWOT analysis)
  • Identify and select strategies that will reach the goals
  • Implement and refine strategies that will reach the goals
mission statement
Mission Statement
  • What is it?
    • “Short description of why the farm or ranch business exists and its goals.”

~Kay, Edwards, and Duffy

  • Why do you need one?
    • Defines and clarifies your dreams for the future
    • Keeps your goals on target
    • Keeps you focused on your strengths
what makes a good mission statement
What makes a good mission statement?
  • Elements of a good mission statement:
    • States what the business might look like “when it grows up”
      • What
      • How
      • Why
    • Blends realism and optimism
    • Thinks long term
writing a mission statement
Writing a Mission Statement
  • Brainstorm.
    • List your farm’s skills and abilities
    • List your farm’s personality traits
    • List your farm’s values, dreams, passions
    • Summarize in 1-2 sentences
  • Evaluate it.
    • Does it agree with generic missions?
    • Does it use the farm’s skills, traits, and values?
    • Does it provide ongoing challenges?
    • Does it provide inspiration and direction?
  • Implement it, share it, display it.
examples
Examples
          • Profitable growth through superior customer service, innovation, quality and commitment. ~AGCO
          • Our purpose is to create superior value for our customers, employees, communities and investors through the production, conversion, delivery and sale of energy and energy services. ~Duke Energy Company
          • We are a global family with a proud heritage passionately committed to providing personal mobility for people around the world. ~Ford Motor Company
  • We fulfill dreams through the experience of motorcycling, by providing to motorcyclists and to the general public an expanding line of motorcycles and branded products and services in selected market segments. ~Harley-Davidson
slide19
To help our clients achieve their financial objectives by serving as their tax and financial partner. As the world's largest tax services company, H & R Block has one-to-one relationships with millions of clients, helping them benefit from all of the deductions and credits available to them and build a better financial future. It is the only major company that offers a full range of software, online and in-office tax solutions, combined with financial information and suggestions that enable clients to consider how they could achieve their financial objectives. This advice -- the H &R Block Advantage -- includes suggestions about retirement savings, home ownership, saving for their children's college education, eligibility for government programs and other alternatives. When clients request in-depth financial plans and investment advice, their H &R Block tax professional refers them to H & R Block Financial Advisors Inc., which can assist them with a detailed investment plan and investment services. H &R Block Financial Advisors, member NYSE, SIPC, employs more than 1,000 financial advisors serving clients in more than 150 offices in the U.S. H & R Block Inc. is not a registered broker-dealer. Clients who request information about home mortgages are referred to H &R Block Mortgage Corp., which offers a full range of retail mortgage products. Our research shows that our H &R Block Advantage advice package along with related financial services increased client satisfaction with H & R Block's tax services. H & R Block has long been a trusted tax partner to millions of taxpayers. Now we are enhancing the value of our tax services by helping clients as their tax and financial partner. ~H & R Block
  • Create value for shareholders through the energy business. ~Kerr-McGee Corporation
your farm s story
Your Farm’s Story
  • Why do you need one?
    • You can’t determine where you are going unless you know where you have been
    • “Standing on shoulders of giants”
    • Marketing to consumers
the power of goal setting
The Power of Goal Setting
  • Running a business or life without goals is like starting a road trip only knowing you want to reach the east coast. It’slong, drawn out, stressful, expensive, and filled with road closed signs.
  • What goal setting can do in your business:
    • Unite your team
    • Streamline your hard work and create efficiency
    • Creates a reference point for decision making
smart goals
SMART Goals
  • Specific: goals need to be straight forward (summarized in 1 sentence)
    • Ex. “To expand my beef herd” vs “To expand my beef herd by 50 mother cows”
  • Measurable: allows you to gauge your progress and develop a plan of action
  • Attainable: is your SMART goal realistic?
  • Relevant: needs to be related to your operation’s values, mission statement, and definition of success
  • Time Limit: creates motivation through deadlines
making goals stick
Making Goals Stick
  • Write goals down
  • Make your goals yours
  • Share your goals with those that need to know
  • Post your goals where you can see them everyday
  • Celebrate when you accomplish your goals
  • Keep setting new goals as you achieve old ones
smart goal examples
SMART Goal Examples
  • To expand our beef operation by 50 mother cows by December 31, 2018.

 S  M  A  R  T

  • To fully repay our loan of $80,000 for the combine by September 15, 2016.

 S  M  A  R  T

  • To build a farm emergency fund of 6 months, equivalent to $100,000, by December 21, 2019.

 S  M  A  R  T

swot analysis
SWOT Analysis
  • SWOT is a simple brainstorming activity that identifies your farm’s strengths, weaknesses, opportunities, and threats.
    • Bird’s eye view of your business
  • You’re already doing a SWOT analysis, you just need to write it down.
strengths
Strengths
  • What is my farm’s advantage over a similar neighboring operation?
  • What is my strength as a manager compared to a similar, neighboring operation?
  • What are my employees’ strengths compared to a similar, neighboring operation?
  • What makes my farm unique compared to a similar, neighboring operation?
weaknesses
Weaknesses
  • What is my farm’s disadvantage compared to a similar, neighboring operation?
  • What is my weakness as a manager compared to a similar, neighboring operation?
  • What are my employees’ weaknesses compared to a similar, neighboring operation?
  • What am I most dissatisfied about in my business?
opportunities
Opportunities
  • What is happening in my market that could benefit my farm?
  • What is happening in the government that could benefit my farm?
  • What is happening locally that could benefit my farm?
  • What technology could benefit my farm?
threats
Threats
  • What is happening in my market that could harm my farm?
  • What is happening in the government that could harm my farm?
  • What is happening locally that could harm my farm?
  • What technology could harm my farm?
tips for swot success
Tips for SWOT Success
  • Complete this activity with your management team or family.
  • Set aside several hours.
  • Only accept precise, verifiable statements.
    • i.e. instead of “changing market” try “decrease in cattle supply is expected to result in higher cattle prices”
  • Prioritize from most important/urgent to least important/urgent.
  • Use SWOT to adjust goals and make decisions.
  • Complete SWOT for each enterprise and possible business ventures.
tactical management
Tactical Management
  • Daily decisions that help you move forward towards your SMART goals and mission statement.
  • Goal: To expand our beef operation by 50 mother cows by December 31, 2018.
    • Tactical Steps: choose feed rations to keep cows healthy, retain an additional 10 replacement heifers each year, acquire hay for the winter
  • What tactical decisions can you think of?
slide36
Strategic Planning Process

Source: Northwest Farm Credit Services

homework
Homework
  • Write a mission statement for your farm.
  • Write your farm’s story.
  • Develop SMART goals for your farm.
  • Complete a SWOT analysis for your farm.
one minute takeaway
One Minute Takeaway
  • Take a minute to write down one or two ideas or takeaways from this lesson.
sieverkropp consulting llc1
Sieverkropp Consulting LLC.

Contact: Elizabeth Sieverkropp

[email protected]

(509) 398-6858

Website:

www.sieverkroppconsulting.com

Additional Resources:

www.sieverkroppconsulting.com/additional-resources

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