What are the biggest business decisions you’ll make in 2024?

When you’re running a complex, fast-paced farm operation with a lot of moving pieces, there are always many decisions being made. Some are bigger and some are smaller, but choices are happening every day that add up to impact the farm and its success.

Some of these decisions are so crucial and major that the final call can only be made by the farm’s leader or leaders. These types of decisions typically aren’t easy ones.

They usually involve large dollar amounts — whether purchases or marketing decisions, changes or shifts in strategy for the operation, or decisions about farm growth or personnel-related matters.

The Big Ones

These decisions require a lot of analysis, thought and strategy on the part of the farm leader. They certainly aren’t for the faint of heart, as any farm leader contemplating a major land purchase or rental agreement will tell you.

The process of making major business decisions for the farm requires several different things. One is a touchstone to check whether a decision is aligned with the farm’s overall core.

I’m thinking here about whether the decision is in line with the farm’s core values, vision and goals for the future and if it helps advance the farm’s mission further.

Checking back in with these key touchstones is an important first step. Any decisions on the farm — but especially major ones — need to be in alignment with the farm’s core and direction for the future.

There may be some opportunities that look good at first glance, but after a deeper review, the farm’s leader may decide it’s not the right fit.

Getting Ahead

Another thing you can do to help yourself and other leaders on your farm is to think ahead of time about the biggest business decisions your farm will likely face this year.

These can include both general categories, such as marketing decisions and employee hiring decisions, as well as any specific decisions that will happen, such as needing to decide whether to repair or replace a certain tractor or a piece of nearby land coming up for sale.

You can also include events like an operating note coming up for review with your lender or any land rental agreements due for review or negotiation.

When it comes to your farm’s most impactful decisions and plans, farm leaders find it can be helpful to get third-party perspective from an adviser for their farm who is knowledgeable about the current ag operating environment and the challenges today’s farms are facing. This can be especially helpful when it comes to marketing decisions and plans for 2024.

Highly Influential

Here’s another big piece of the puzzle when it comes to your farm’s success in 2024: You. While most of the focus is typically on goals and business plans for the farm operation in the new year, you as the leader and CEO of your farm play a major role as to how those goals and plans will unfold in your operation.

Because you’re the farm’s leader and coordinator of all the tasks and activities that take place in it, you are in the seat of greatest influence.

And the more you bring to your farm in terms of your leadership skills — think business planning skills, employee management and development skills, and so on — the farther your operation can and will go toward business goals.

The greatest investment that you can make is in yourself — in your own personal and professional development. Investing in developing yourself as a farm leader will pay you back in multiple ways.