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Creating a business plan is a complex and time-consuming process. Not every business has one. In a recent study by AMI, the farm businesses that did not have one also had less market success.
Business plans:
reduce the likelihood of unexpected failures
reduce the risk of operations
are essential for applications for loans, investments and some grants
ensure team access to the plan for the business, keeping everyone on the same page
create a framework to test potential problems such as tax changes, employment cost increases
identify key certifications and regulatory issues ahead of time
ensure well-informed decision-making as new opportunities arise
For all these reason, it is well worth the time. The videos below feature experts in farm business development discussing the purpose and usefulness of a well-developed business plan.
In this video, David Alexander from Everdale discusses the key considerations in a business plan and why they are important.
In this video Pat Learmouth of Farms At Work explains the process and importance of business planning for food and farm businesses.
