Agriculture

Expanding Your Farm Team

Everyone working on a farm has strengths and weaknesses. The weaknesses are often not addressed because of the demand of day-to-day operations. However, to maximize your profits, you need to have an accurate picture of strengths and weaknesses. This way, you can provide training and/or support for your team’s weaknesses and improve the overall financial health of your operation. One way to address this is by forming an advisory board for your farm with people who can help you make strategic decisions and support your leadership in weaker areas. 

Your advisory board should include:
  • your accountant and your lawyer
  • a financial planner
  • a financial lender

Other consultants and advisors can be included, such as an agronomist, human resource consultant, health and safety expert, manure management specialist, etc.  Some advisors may provide regular help, while others may be most useful for certain issues, such as regulation concerns.
 
Your advisory board isn’t a board of directors and doesn’t govern or make decisions for your business. Though you want your board’s thoughtful advice, final decisions are still up to you.
 
If you are trying to make major decisions about the farm, consider having the all key stakeholders involved in a meeting with the advisory board to make sure all the important issues are considered.
 
While some advisors/consultants may charge a fee for their time, the investment could be worth it, because they could save you from making costly mistakes. 

For more information and farm management help, contact a  Farm Management Specialist with Manitoba Agriculture.