Some Critical Farm Management Concepts

Abstract

The longer term financial and economic outlook for agriculture is for modestly lower incomes and somewhat increased financial pressure than has existed during the past few years. Undoubtedly the "tried and true" management strategies to respond to tighter margins such as controlling costs, reducing debt loads (or at least borrowing carefully), increasing efficiency and productivity, and using various marketing strategies to reduce risk and enhance price should be reemphasized in this environment. However, it is also important to focus on longer term strategic issues for successful management of a farm business; that is the focus of this discussion.