You need a plan to win in business. You have resources such as people, equipment, livestock, facilities, land and money that can be used in your business. Business planning lets you think, test, model and discuss ways to use those resources before you put them into action. In other words, planning lets you make mistakes on paper, which is much less costly than in real life.
A good plan helps you get the best results when you actually deploy your resources. The business planning process gets family and business partners engaged in building the future of the business. Involving people in planning helps them understand the goals and feel a sense of responsibility for carrying out the plan successfully. When the key players in your team understand the plan and how to execute it, your chances for success increase dramatically.
A business plan helps you communicate your ideas to people outside your business too, such as your lender. A written business plan is your chance to show how you will use your resources to succeed. If you show that your plan has an excellent chance of working, you are likely to get the funding you need. Your lender knows that no plan can guarantee success, but a lack of planning nearly guarantees failure.
Let one of the professional business consultants at AgChoice Farm Credit facilitate a business planning process for your farm or forest products business. Contact us or contact your local branch today to learn more.