Farm Business Toolbox
Thriving in today’s markets takes more than production know-how—this resource helps farmers assess and strengthen business health.
Overview
Growing conditions and production practices present demanding challenges, but those are not the only skills today’s farmer must maintain. To thrive in changing markets, farmers must also operate with a high degree of business savvy.
These business health topics are designated by the Farm and Ranch Business Health Assessment. Farmers can examine the relative health of their businesses in each of these areas by taking the assessment, in whole or in part, at the link above.
Watch the first video in the Business Health Assessment series: Introducing the Farm Business Health Assessment and the Farm Business Toolbox. This webinar will introduce the eight topical areas, briefly describe how each area affects farm or ranch resilience and profitability, and introduce the self-assessment. We will end with a discussion of how to set personal learning goals related to the self-assessment.
To help farmers improve the health of their farm businesses, National Farmers Union Foundation encourages interested farmers to examine the following resources and to consider participating in our general farmer education programs. These programs include Women’s Conference and Beginning Farmer Institute.
*This publication is distributed with the understanding that National Farmers Union Foundation is not offering legal, accounting, tax, or other professional advice. The information provided through this Toolbox is for educational purposes only.
Farm business health can be divided into eight different topics
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Accounting
Farm business accounting presents the opportunity to measure the efficacy of your efforts. An effective accounting system should facilitate cash flow management, benefit your interactions with potential lenders, and help you ease into tax season.
Business Formation
The legal form under which your business is organized has significant consequences for personal liability. One should consider which type of business structure is most beneficial to their operation and goals.
Business Planning
Farms are complicated businesses. Profitability and wealth-building are the end results of equations with many variables that can be maddening to track. A good business plan can help a busy farmer keep all the moving pieces in steady focus.
Credit
Regardless of operation size or years in business, credit is often a critical component to a successful farm operation.
Labor and Contractors
From family help to hired hands, farm labor is subject to employment laws. Know your responsibilities to stay compliant and avoid costly issues.
Production and Marketing
Production and marketing practices vary widely, but all farmers should consider their cost of production, global and local markets, and innovative marketing strategies.
Taxation
The tax code treats farms differently from other businesses, but most tools miss those details. Farmers should know how these differences affect their bottom line.
Land
Land access remains a significant barrier to entry for many beginning farmers.
Succession
Succession planning is a complex issue for intergenerational farm families, and critical to consider in order to ensure the longevity of your business.
Looking for more resources near you?
For more information about local and state educational opportunities, contact your state or regional Farmers Union office.
