What a particular cost or investment adds to the business should be easy to assess and measure, but in reality calculating return on investment (ROI) can be inconsistent and difficult. As David Widmar, of Agriculture Economic Insights explains, ROI should be a simple calculation, but it’s not a perfect measure of performance as there are so… Read More
If your farm is not one that holds regular meetings, this is your encouragement to start small… but start. That’s because research shows that business that hold regular meetings are more profitable than those that do not. We’re not talking about a morning tailgate chat on what’s ahead — that’s an operational meeting to start the… Read More
The rules of order around a boardroom table may seem unimportant to a discussion on farm management, but the more complex a farm becomes, the more important good governance becomes. Brian Hayward, long-time agriculture business leader and now author of The Great Chair: A Window on Effective Board Leadership, says that as soon as a… Read More
Professional development isn’t just for those in corporate agriculture and it’s not just for those looking at taking on a new role, either. Vik Kail, human resources leader for Corteva Agriscience, says that there’s a place for professional development, both formally and informally, for all levels of employees, including owners and managers. Kail looks at… Read More
Farming with family can be rewarding, and also stressful. Transitioning a farm’s ownership from one generation to the next can be emotionally-charged and high stress, but would it be easier or any different if you were selling the business to a non-family member? Dick Wittman of Wittman Consulting says that many farmers may feel as… Read More
In leadership, aggressive behaviour can actually be less harmful to business than passivity. In other words, being unwilling to discuss a problem is actually more detrimental that having an argument about it. But just knowing that doesn’t make dealing with conflict any easier says Kelly Dobson, chief leadership officer at LeaderShift. In this Mind Your… Read More
Branding a farm is a concept that is maybe in its infancy for some farm owners. We all know the power of branding, and there are certain companies out there that all of us can think of, but what about your farm? There are farms that have retail or direct consumer models that if branded… Read More
In the busyness of the everyday, it stands to reason that some risk management issues fall to the back of your mind. Currency risk is one of those that might seem so out of your control that it’s not worth the brain power, but understanding what direction the Canadian dollar is headed and how that… Read More
Family farms that hold regular business meetings are 21 per cent more profitable than those who don’t. That may be, but the mere mention of “meeting” likely makes you roll your eyes or maybe grumble in disapproval. Family meetings might bring up some not-so-pleasant memories, but Elaine Froese, farm family coach, says it doesn’t have… Read More
Farming is such a diverse industry with so many operation types that add value to the industry. Canadian Young Farmers’ Forum (CYFF) was established in 1997, with the goal to assist young farmers with information while exchanging ideas that lead to progressive strategies, to ensure farming success in Canada. The organization hosts speakers and innovative… Read More
Creating an advisory board for your farm business can be an effective way to bring outside experience, perspective, and expertise on to the farm, without adding to the management team. As some farms are learning, the overall size and complexity of the farm business has grown far beyond what just one, or a few people… Read More
Yield maps aren’t the only data points to collect and analyze. Farms generate all sorts of information that could be useful in determining profit, wasted time or resources, or identifying opportunity. The trouble is, some farms are either generating data with no clear means of using it, or are missing out on capturing simple data… Read More
Emotion, money, and legacy are three factors that can potentially contribute to a very bumpy farm business succession. A farm transition doesn’t have to end badly, but too often farm families ignore best practices for a succession, based on the illusion that your farm is different from everyone else’s. While every farm is unique in… Read More
If you’re frustrated by how government support programs are designed or overwhelmed by navigating the paperwork, you’re certainly not alone. The numbers speak for themselves — enrolment in the main suite of federal programs has been dropping steadily for years. A recent letter from the Standing Committee on Agriculture to the Minister of Agriculture and… Read More
In an era of “cheap” money, farms could take advantage to solve working capital shortages, set aside savings, or plan for a business transition. But debt restructuring, or taking on more debt even at low rates, is not without its pitfalls. For this episode of the Mind Your Farm Business podcast, Terry Betker, president, and… Read More