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Business Plans For Farming
 

Business Plans For Farming

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    Business Plans For Farming Business Plans For Farming Presentation Transcript

    • Business Plans for Farming
      An Introduction to Business Plans
      Frank Gublo
      MSU Product Center
      Lenawee Economic Development Corporation-Lenawee Farm Bureau
      Ag Seminar
      March 10, 2010
    • What We’ll Discuss Today
      Discuss Why Business Plans are Important
      Who writes the Business Plan?
      What are the elements of a business plan
      Situation
      Strategy
      Planning
      Where to get more assistance
    • Why Are Business Plans Important?
      Business plans provide the map for determining where you are taking your business
      Helps you in your decision making-a tool to reach your business goals
      Business Plans help to manage change
      Tells the story of your farm business to those outside of your farm
    • Who Writes the Business Plan
      Why many people do not write a business plan
      Assemble the team to write the plan.
      Team should consist of individuals that understand and enjoy certain areas of farm business. Production, Marketing, and Finance
      Assembling the team is key to completing a well written business plan
    • First Step-Understand Your Current Situation
      Current Situation-what are your strengths, weaknesses, opportunities and threats
      Study your market-analyse
      What are the keys to success
      What is your core competency-what do you do better than your competitor
      What is your competitive advantage?
    • Second Step-Strategy
      Strategy helps to focus-relatively few priorities that focus on market and or product
      Your Farm-Your Strategy (no two farms alike)
      Strategy is long term-consistently applied
      Market demands are the basis for strong strategy. Demand drives growth
      The strategy you will displace other options
    • Third Step: Develop The Plan
      Have the team work on parts that they have expertise in:
      Executive Summary
      Farm/Company Description
      Products/Service Description
      Market Analysis
      Strategy Implementation Summary
      Management Team
      Financial Plan
    • Where to Get More Assistance
      Cooperative Extension
      Lenawee Economic Development Corporation
      Online: SBA Webinar at: http://bit.ly/cOQP15
      Presentation Slides are available at: www.frgublo.wordpress.com
      Frank Gublo Contact information:
      gublofra@msu.edu
      313-401-6283