Great businesses, including successful farms,
don t happen by accident. They result from careful
strategic planning. Whether you run a multimillion-dollar
organization or an ordinary family farm,
strategic planning is essential for the long-term
viability of your business.
As a professor at the Richard Ivey School of
Business and co-creator of Syngenta Grower University,
I ve seen many growers capitalize on new
opportunities and increase their profitability simply
by casting a strategic lens on their business.
Read Also
Riding the tariff rollercoaster
Farmers are accustomed to roller-coaster years. But the current geopolitical windstorm is something else entirely. On his cattle operation near…
The best business plans involve a careful look
at the interaction among key elements of your
business.
1. TRENDS
When building a strategy, think broadly beyond the farm and consider what might transpire within the industry and your potential target markets in the years to come. While no one has a crystal ball, some research, collaborative knowledge and strategic thinking can help you identify trends that could spell opportunity. For example, you could identify new areas for diversification or just the opposite, your strategic thinking could help you avoid strategic decisions that appear too risky after careful evaluation.
2. GOALS
Goals are the framework for your strategy. They give guidance to your day-to-day operations and lead your major business decisions. Give some thought to the big-picture objectives. What do you want your business to achieve? What is the mission and what is the vision of your organization? Also think clearly about specific goals. How much do you want your business to be worth in 10 years?
3. PRODUCT/MARKET FOCUS
Above all else, strategy is driven by product/ market focus. The strength of the market you serve and the needs of that market are important considerations when devising a strategy to create value. Make sure you re clear on who your target market is, and then do some research on how that market is changing. Can you anticipate any changes or opportunities? Think about how you can plan to better meet the needs of your target market through products and services now, and into the future.
4. CORE ACTIVITIES
It s great to plan ahead with big ideas and high-level objectives, but your core activities are what allow you to meet the operational demands of your strategy. What resources need to be in place to implement your strategy and deliver unique value? Consider the implications of trends, goals
