Bringing Knowledge to Life!

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1 Bringing Knowledge to Life!

2 and Business Planning for Agriculture Presented by Warren L. Schauer Business Management Educator Institute for Agriculture and Agribusiness MSU Extension

3 Mission To empower farm women to be better business partners through networks and by managing and organizing important information.

4 Method of Delivery Series of six classes (adaptable) Three hour in length (adaptable) First five classes are planned, the sixth meeting is at the discretion of the class. Curriculum is designed around the five areas of risk management as defined by USDA. Production Financial Marketing Legal Human Resources

5 Method of Delivery Class size is between 8 & 25 women Partner with Extension, Government Agencies, and private business for teams of instructors. Women receive resources to bring them into the business world. Fill out a baseline survey which is used to measure impact (behavior change, knowledge change, attitude change.)

6 Method of Delivery Basic Annie s Level II Annie's Managing for Today and Tomorrow

7 Audiences Mothers & Daughters Women Farm Managers/ Operators/ Owners Women Who are Siblings to Farmers Newly Weds Young & Old Daughter-in-laws Mother-in-laws Women Dating Farmers Widows City, Rural, & Farm Women

8 History Annie s Project began in February 2003 with a class of 10 women at Kaskaskia College, Centralia, IL.

9 Current Program Status

10 Annie s Project in Michigan 1 st Class - St. Joseph County, 2008 In ~ 15 programs Michigan State Coordinator Warren Schauer

11 Program Cost $313 per Annie (average) Range $43 to $1,079 Cost Recovery $50-$100 Registration fee (87% paid) Local Sponsorships Facilitators/Coordinators needed

12 Annie s Project Web sites

13 The Business Plan

14 What is a Business Plan? Written document that: Defines your business Identifies your goals and mission Serves as your business resume

15 Why is a Business Plan Important? Roadmap for your business Gives you a better chance for success Required by financial institutions Helps communicate goals and objectives Forces you to look at whole business Stimulates development of new/future business opportunities Focuses and gives meaning to present business

16 BUSINESS PLANNING The value of a Business Plan should outweigh the time and cost required to develop. Should facilitate change in a farm business Should improve management of the business. Should be done by farm managers It should not be done for them.

17 BUSINESS PLANNING Business Plans Frequently used to communicate the business externally to lenders, investors, partners Important for multi-partner/family member businesses Demonstrate the business has a plan and is well managed Should be used by farm manager to improve the management of the business Helps a manager think through: Where the business is at Where they want it to go

18 Elements of a Business Plan Executive summary Farm Business description Production & operation Marketing plan Management & Organization plan Financial plan

19 Executive Summary Doorway of business plan A one-page overview of business Placed in the front, but done last Summarize key points Content depends on purpose of plan

20 Mission Statement A description of what you and/or your business hope to do and be Values Vision Purpose

21 Goals and Objectives Goals Dream with a deadline Desired outcomes for your business Short term (within one year) Long term (2-5 years) Objectives Strategies for reaching goals

22 Strategic Plan Mission statement Goals Business Strategy Where you want the business to go and how to get there SWOT Strengths, Weaknesses, Opportunities, and Threats

23 Farm Business Description Business type and size Location Facilities History Ownership structure

24 Operations Planning The Operations Plan describes your production management system. It describes what you produce and how you produce it. This section should be one of the easier sections for you to develop. But planning is easy, implementation is the hard part.

25 Operations Plan You may want to ask: Should I determine my marketing opportunities and produce to meet the marketing plan? Or should I determine my competitive production capacity and develop markets for my products?

26 Marketing Plan Marketing strategy Marketing resources Promotion and distribution Inventory and storage management

27 Management & Organization Plan Management team Board of Directors Advisory Board Personnel management Family and hired labor Professional Services

28 Management Do you have a management transition or contingency plan? If the manager is unable to continue, who will replace him or her? Transition Plan in place?

29 Financial Plan Financial statement Balance sheet Income statement Cash flow statement Long range projections Projected profitability Capital required Asset management

30 Financial Plan Your lender wants to know if your business will be financially successful.

31 Financial Plan In many cases, the financial plan is the most important part of your business plan. The financial plan is particularly important if you are proposing a major change or a new business.

32 Financial Plan Financial viability is generally evaluated from three perspectives: Solvency Profitability Liquidity

33 Financial Plan Solvency evaluates changes in net worth growth in your retirement account Profitability monitor earnings ability to generate income Liquidity estimates cash flow and debt repayment ability paying the bills when due

34 Financial Plan The tools used to communicate a business s financial situation are: Balance sheet - solvency Income statement - profitability Cash flow plan liquidity

35 Financial Plan A written description of the strengths of these three measurements of your financial projections should also be included. Also describe the assumptions you used to make your financial projections.

36 Asset Management Your financial plan should also describe how you acquire and manage capital assets - purchase, lease, or custom hire. How efficiently are assets being used?

37 Benchmarks Benchmarking is increasingly important. Benchmarking lets you compare your business performance to similar businesses. It gives you and those reviewing your plan a perspective on how well your business is doing or is projected to do relative to similar businesses. If you have access to benchmarking data, include benchmarking comparisons that you consider most relevant for your type of farm. For example, you might include rate of return on investments, feed cost per hundredweight of milk, or net return per acre.

38 Capital Required The final part of your financial plan should describe how much money you need to implement your business plan. Describe the sources of your financing. Present your financing request if you have one.

39 Business Plan Information to organize: Farm description (history and current situation) Values, goals, mission Strategy summaries Financial analyses, tax returns Implementation plan Contingency statement Historical tax returns Resources

40 Business Planning The executive summary is typically the last section written. It summarizes all the work you have put into developing your plan.

41 Business Planning When writing the plan, remember: Only use the sections needed Make it concise and to the point If you want someone to read it, remember their time is valuable Don t include graphics without substance Always prepare an executive summary Communicate clearly

42 Business Planning Additional writing/organization tips: Don t use technical language or jargon Make sure presentation is professional presentation (typed, proofed)

43 Business Planning Take-home ideas: Talk to others, ask questions Study your markets Be honest with yourself when evaluating ideas Reject a strategy if it doesn t make money on paper Ask for feedback from family, team members Get started!

44 Business Planning Lastly, remember that a business plan should be used: Distribute copies to those involved in business Review plan periodically Monitor progress, meet with planning team Keep records Compare actual outcomes to projected outcomes Make changes to plan as needed

45 Tool AgPlan Interpreting Financial Statements and Measures

46 Please fill in evaluation. Thank You Warren Schauer MSU Extension Business Management Educator

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