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Strategic Planning for Farm Businesses

Strategic planning involves the development of long-term strategies to increase the profitability and competitiveness of your farm business. This may involve developing new enterprises for your farm such as organic production, on-farm processing, direct marketing of your products to consumers, or the efficient production of traditional farm commodities.

The purpose of the strategic planning process is to design a farm business that allows the individuals involved in the business to achieve their personal goals. You can do this by using the strengths of your business to take advantage of opportunities in the industry.

Strategic planning involves developing plans for your business and implementing and evaluating these plans. Below is a discussion of a process you can use to develop a strategic plan for your individual farm business. This process is shown in Figure 1.

figure 1 strategic planning process

Phase 1: Factor Analysis

Phase 1 of strategic planning involves assessing and analyzing four factors that are needed for successful strategic planning. These four factors constitute the top half of Figure 1 and provide the ingredients for strategic planning. This first phase of strategic planning requires you to

Identify Personal Goals

Determine Business Goals

Scan the External Environment

Scan the Internal Environment

Explanation:

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