How farmers can strengthen their business amidst economic uncertainty
(NC) From labour shortages and fluctuating commodities prices to evolving environmental risks, Canadian farmers continue to operate amid highly disruptive conditions. When looking to 2023 and beyond, how can agricultural producers continue to adapt and grow within this environment?
According to a recent Agriculture poll, the majority of owners and operators are prioritizing:
1. The cultivation of a strong agricultural network to tap into for advice,
2. the recruitment of skilled workers,
3. building up their farm’s leadership team,
4. investing in technology and data-driven decisions
5. and focussing on risk management planning.
“After weathering significant and unpredictable disruptions over the past two years, farmers are increasingly shifting their focus and investments on proactive priorities to strengthen their operations and cultivate growth,” says Ryan Riese, national director of agriculture, RBC.
Here are three tips for producers looking to advance these priorities:
1. Make risk management part of your everyday decision-making. Some activities may include regularly scheduled risk assessments, creating contingency cash flow projections and staying updated on the latest industry disruptions, trends and farming solutions.
2. Expand your knowledge with education and training opportunities. Owners and operators will need a broader understanding of business fundamentals than ever before. Explore courses from credible institutions and experienced instructors that focus on managing a modern farm operation, such as the free Foundations in Agriculture Management program offered by the University of Guelph.
3. Don’t go it alone. To navigate an increasingly dynamic and interconnected sector, producers will need to rely on a wide range of employees, partners, suppliers and non-industry collaborators. Don’t hesitate to turn to your advisor, lawyer, mentor or other trusted members of your professional network for proactive feedback and support.