Government of Saskatchewan
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    Tuesday, September 23, 2014

Saskatchewan producers are continually adapting, acquiring knowledge, developing new skills, and incorporating good management practices. They are innovative and contribute to the competitiveness of this province's agricultural sector.

A strong business strategy involves facilitation techniques, identifying a business vision and purpose and preparing  goals for farm businesses and family.

The understanding of all ownership options available and the advantages and disadvantages of each farm business structure. This should include taxation, liability, ownership, human resources and an exit strategy.

Grain and oilseed producers have many marketing choices available to them. These choices include what to grow and how to sell the product.

Understanding the process and components in developing an Environmental Farm Plan which includes identifying environmental concerns and possible options to diminish risks.

Understanding components and analysis of farm financial statements, knowledge of financial management components such as net worth, production, marketing plans, cash flow, historical and ratio analysis, debt service, and accrued income.

How the organization will meet its current and future human resource needs.

The understanding of price, product, placement and promotion of farm production in relation to the competitive environment.

The financial impact of various production decisions in farm business. This includes cost management, understanding cost of production, enterprise analysis, production strategies, environmental impacts and regulations that may impact the financial performance of the business. Also included are production or work schedules and performance measurements.

Raises awareness of the risk factors facing farm businesses, including how to assess the probability of risk and techniques to diminish risk.

The processes and critical issues involved in transferring labour, management and ownership of farm assets to the next generation. Succession planning requires strategic retirement, implementation and contingency plans.



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