Mind Your Farm Business — Ep. 5: Leverage the Value of Experience Through a Peer Advisory Group

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Coffee shop talk is often revered and repeated, but is it completely honest? What if, instead of comparing your farm and farm practices across the fence row, you instead sat down with farmers from one hundred kilometers away and compared notes? What could you learn?

That’s the concept behind formal peer advisory groups, explains Dr Danny Klinefelter, professor and extension economist with Texas A&M, in this episode off the Mind Your Farm Business podcast.

Check out the entire Mind Your Farm Business series

There are many ways and means of learning, but few are as powerful as personal experience — can you leverage other farmers’ knowledge to your benefit? Of course, says Klinefelter, but there are some parameters required to make a peer advisory group work as it’s intended.

Being able to own your weaknesses and being willing to accept suggestions and criticism is key to getting the most out of a peer advisory group, Klinefelter says. If you can check your ego, learn to listen and be open to problem solving and sharing some details of your farm’s business, you’ll do well in a peer group, he says.

From how peer advisory groups work, to what benefits you can expect out of them, to the mechanics of making it work, listen below to hear Klinefelter’s top tips on using a peer advisory group to your farm’s benefit.

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Disclaimer: Royal Bank of Canada and its subsidiaries are not responsible for the information provided in this podcast, and this information does not necessarily reflect the views of Royal Bank of Canada or any of its subsidiaries. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its subsidiaries.

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