Business Plans For Farming

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Business Plans For Farming

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

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