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Business Management

Business Management - The Business Management module provides the main start to creating a business plan. In this section, farmers will establish strategies for all financial matters, including input costs, risk management, loan acquisition, and budgeting.

Click here for module worksheets.

Business Management

→Develop and implement early financial and resource management goals as part of the whole farm plan. 
→Understand and determine the type of business structure most appropriate for your farming enterprise.  
→Show how farm business management strategies can best be applied to your farming enterprise.   
→Become proficient in human resource management through interactive activities.
→Identify current and future risks and employ appropriate risk management, including succession management. 
Questions to Answer:
→What resources do you have? What resources do you lack?
→Is your enterprise sized appropriately?
→What type of farm records system will you use? 
→What business structure is most appropriate for you?
→Who involved in your business and what roles do they play?
→What are your unique skills? What skills do you lack?
→Will your labor situation change in the near future? Will someone enter or leave the operation?  
→To what type of risk is your business exposed?
→What is your plan for the farm business if/when you are no longer able to farm?
Overview of Assignments:
→Complete worksheets that assess and develop strategies for risk management, potential production systems, resource needs and acquisition, inputs, outputs, finances, and business organization.  

1.6-Estimating Income and Expenses
2.9-Assessing Worker Abilities and Needs
2.10-Likely Changes in Our Human Resources Situation
2.13-Balance Sheet
2.17-Risk Management
4.11- Regulations and Policies
4.12-Describing Potential Crop Production Systems
4.13-Describing Potential Livestock Production Systems
4.14-Resource Needs and Acquisition
4.16-Estimating Output and Capacity
4.17-Operations Strategy Summary
4.18-Tasks and Workload
4.19-Filling Workforce Needs
4.21-Human Resources Expense Estimates
4.22-Management Strategy
4.23-Human Resources Strategy Summary
4.25-Business Organization
4.26-Farmland Affordability
4.28-Financial Strategy Summary
4.30-Annual Operating Expenses for the Whole Farm
4.33-Long-Range Projected Income Statement
4.34-Long-Range Projected Cash Flow
4.35-Projected Balance Sheet
4.36-Risk Analysis
4.37-Transitional Cash Flow

→Visit local institutions associated with farm business planning and services.  
→Attend a seminar/lecture/workshop on farm business management.

For more information, please contact:

Mrs. Katie Myer
Certified Farm Seeker Program Coordinator

Andy Sorrell
VDACS Office of Farmland Preservation

Ron Saacke
Virginia Farm Bureau Young Farmers

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