What separates success and failure?

by | Jan 22, 2020 | 5 Ag Stories, News

Agriculture is a risky business. There is no way around that. We are at the mercy of many things we cannot control. It could be weather, disease, pests, prices, market demand or even mechanical issues. There are so many things that are out of our hands. We see the news of how many farms are forced to call it quits all the time. Is there a key to success? A holy grail of answers? I wish there was, but there isn?t. However, there are things you can do.

Audio: Jim Knuth Farm Credit Services discusses keys to success for operations of any size.

So, what is it that separates a successful farm from an unsuccessful one? Jim Knuth of Farm Credit Services talked at the Land Investment Expo about what he calls the ?business of agriculture.?

Despite what the salesman tells you, Knuth says it is not the brand names that are going to be the key variables. It is in how you manage your business.

Knuth says the size of your operation is not a factor either. He has seen successes and failures in all operation sizes. He says the keys to success are easily applied to a small farm as well as one which runs thousands of acres. It comes down to treating your operation as a business.

This is only scratching the surface of what you need to understand to be successful. You need to talk to your financial advisor to help you get on track with your operation. Protect your investment and be able to pass it on to the next generation.

To find out more about what Farm Credit Services can offer you, visit their website.