This document discusses the importance of business plans for farming operations. It outlines the typical elements covered in a business plan, including the current situation, strategy, and financial plan. The current situation section involves analyzing strengths, weaknesses, opportunities, threats, and competitive advantages. The strategy section helps set priorities focused on markets and products. Developing the plan involves assembling a team to write sections on executive summary, farm description, products, market analysis, strategy, management, and finances. Assistance in writing a business plan can be found through cooperative extension, economic development groups, or online resources.