Farming generally as a business is definitely not an easy one, am certain every practical farmer can testify to that fact. Sometimes, little mistakes can make you loose your entire farm even within few hours of occurrence whether on crops or animals production.
Meanwhile, thou farming without a doubt is a little bit difficult to achieve especially if you don’t have the adequate experience required for successful operation in your field as a farmer, there have also been countless of success stories recorded by farmers who get farming right.
Therefore instead of shying away due to the fear of unknown, it is better we collectively as a team face the challenges attached to agriculture as every business venture has its own risks and challenges of which farming is not excluded.
Meanwhile there is dignity in labor and nothing can make a farmer happier than seeing his/her crops or animals perform better….sincerely speaking, you can’t deny the great joy it brings.
Today, we are going to be looking at some of those deadly mistakes that farmers make which negatively affects their farming business.
Some of them include:
- Management Mistakes (primary cause of business failure)
- Weak Marketing Efforts
- Failure to Develop a Strategic Plan (Failure to plan is planning to fail).
- Uncontrolled Growth (As the business increases in size and complexity, problems increase in magnitude, and the farmer must learn to deal with them)
- Incorrect Pricing (Small businesses usually under-price their products and services. The first step in establishing accurate prices is to know what a product or service costs to make or provide)
- Inability to Make the “Farming Transition” (Once a business is started and starts to grow, it usually requires a radically different style of management)
Putting Failure into Perspective
Failure is a natural part of the creative process. The only people who never fail are those who never do anything or never attempt anything new.
One hallmark of successful farmers is the ability to fail intelligently, learning why they failed so that they can avoid making the same mistake again.
Farming success requires both persistence and resilience, the ability to bounce back from failure.
How to Avoid the Pitfalls
- Know Your Business in Depth
- Develop a Solid Business Plan
- Manage Financial Resources
- Understand Financial Statements (To truly understand what is going on in the business, an owner must have at least a basic understanding of accounting and finance)
- Learn to Manage People Effectively (No matter what kind of business you launch, you must learn to mange people. Every business depends on a foundation of well-trained, motivated employees. No business owner can do everything alone.)
- Keep in Tune with Yourself (Monitor your health, manage your time, and have passion for what you do)