Many times when people think about business development, they are thinking about the new market channels they could reach, or the new ways they can market their farms.

Questions to Consider

However, before pursuing those paths (which are great and should be fully considered), do you really know your existing farm business?  A consultant I knew always says data should drive decisions.  Do you know your most profitable revenue source?  Do you know your revenue per person?  Do you know your most cost-effective products (and why?)   What about farm financial trends over time?

It's a numbers game

One of the best things you may do for your farm is to really play the numbers game and evaluate your inputs, your return-on-investments, and your highest grossing products.  Without evaluating the numbers, you may not know that the cost you are putting into growing a particular crop is increasing, meaning you are losing revenue on that crop unless you increase your pricing.   

Recorded Sessions

NAFDMA has a great number of resources in our Members Only Education Center if you want to up your numbers game.  There have been many sessions over the years focused on Business Development and Finance.  Learn how to use your data to make better decisions for the future of your farm.