2007-2011 ISU Extension Plan of Work -- 120 Farm and Business Management
Statement of Issues:
The Farm and Business Management team proposes to extend information and build skills of farm operators, farm families, related agribusiness managers and agricultural educators. Four areas of knowledge will be emphasized: farm profitability and financial management; legal and business planning; economics of environmental management; new business development.
Performance Goals:
- Farm Profitability and Financial Management.
1) Crop and livestock producers will increase the profitability of their operations while controlling risks consistent with their financial resources and personal preferences.
- Legal and Business Planning.
1) Farmers, landowners and agribusiness managers will use contracts, leases and business organization plans to increase their control of key resources, control financial and legal risks, and conserve assets and efficiencies for the next generation.
- Environmental Management.
1) Farmers will implement practices that conserve the productivity of agricultural resources as well as enhance the quality of environment for the nonfarm population.
- New Business Development.
1) Producers and other entrepreneurs will increase the number of alternative or value retained businesses in Iowa. The number of Iowa communities looking at agriculture as an important component of community economic development will increase.
Output Indicators (Activities):
- Increase the knowledge of grain, livestock and dairy producers, as well as agribusiness persons, of up-to-date short-term market outlook information.
- Improve crop and livestock producers’ ability to choose among alternative marketing strategies and develop marketing plans for their commodities.
- Improve crop and livestock producers’ ability to control price and production risks by choosing combinations of insurance programs, USDA commodity programs, and marketing tools.
- Improve crop producers’ understanding of the economic and risk implications of new technology choices.
- Increase farmers’ ability to assess their own financial risk bearing ability and how it will be impacted by higher interest rates and other production costs.
- Improve agricultural lenders’ ability to manage and evaluate farm loan portfolios and control risk within their own credit institutions.
- Increase farm employers’ knowledge about current wages and benefits for farm employees, and improve their labor management skills.
- Increase the knowledge of farmers and agribusiness persons about how agricultural policies and production around the world impact their businesses locally.
- Increase the access for female farmers and farm partners to a broad array of risk and financial management topics, in learning communities composed of their peers.
- Increase the recognition of the importance of an estate plan for stability and continuity of farm businesses.
- Increase the knowledge of on-farm and off-farm heirs of strategies for transferring income, ownership and management of farm businesses.
- Build skills necessary for success through programs targeted to beginning farmers.
- Increase farmers’ and landowners’ skills in comparing alternatives for acquiring the use of major farm assets, including ownership, leasing and contracting.
- Train tax practitioners to help Iowa farmers manage taxes efficiently.
- Build skills to help farm families strategically evaluate business opportunities involving new enterprises, new resources (including new operators) and changes in legal/organization structures.
- Provide crop and livestock producers and landowners current information and analytical tools for evaluating their participation in conservation programs that are available.
- Develop educational materials for consultants and others who advise farmers and landowners on conservation program issues and regulations, and train them on their use.
- Assist producers in assessing the environmental and economic impacts of alternative farming methods and enterprises.
- Increase producer and other entrepreneur awareness related to creating or enhancing alternative or value retained businesses.
- Increase business and marketing skills related to new food and farming ventures for ISUE staff and other agricultural service providers.
- Enhance skills necessary for development of alternative or value retained enterprises per year geared toward women, who make up a majority of food production enterprises in Iowa.
Outcome Indicators (Impact):
121 – Risk management education (a) Farm or (b) Industry: Number of crop and livestock producers who choose marketing, insurance and USDA program alternatives that are consistent with the risk bearing ability of their businesses and their personal preferences for managing risk.
122 - Women decision-makers and leaders: Number of female farmers and farm partners who take a more active role in decision making for their businesses.
123 - Financing agriculture: Number of agricultural lenders who finance the acquisition of new resources or implementation of new technology for their borrowers while maintaining liquidity and controlling financial risks.
124 - Next generation of agriculturists: Number of beginning farmers who objectively measure the likelihood of meeting their individual and family goals through entering a farm business.
125 - Farm income tax education: Number of income tax practitioners that increase the accuracy and efficiency of the farm returns that they prepare.
126 - Farm Bill education: Number of producers and landowners who make choices among CRP, CSP and commodity payment programs consistent with their goals of increasing profits and protecting agricultural resources.
127 - Alternative enterprises or value retained: Number of producers and other entrepreneurs who increase their awareness of alternative enterprises or value retained opportunities by either attending an educational program or downloading educational materials from a website.
Target Audiences:
Grain, livestock and dairy producers
Agribusiness professionals
Agricultural lenders
Farm employees
Female farmers and farm partners
On-farm and off-farm heirs
Beginning farmers
Landowners
Tax practitioners
Entrepreneurs
Farm families
State agencies and NGOs
Team Point of Contact:
William Edwards, Professor
Page last updated: August 25, 2006