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Unit 1: Planning and Business Development

IMPORTANCE OF PLANNING

Farmers and ranchers wear many hats: business manager, production manager, equipment operator, and marketer. As farmers pursue new enterprises and marketing channels, the number of hats can expand further as they take on new tasks related to processing, branding, labeling, packaging, advertising and many other activities. With so many components to the business, good planning is critical. A conscientious and deliberate planning process involving all the members of the farm business leads to informed decisions that are understood and embraced by those involved in or affected by the farm business. There are various types of business planning strategies, but they are all directed at transforming entrepreneurial ideas and dreams into profits and success for the business.