Get 2022 financial data as solidified as possible. Having your financial information for 2022 ready now isn’t helpful only for your tax accountant and lenders – it’s helpful to you as the leader of your farm business. Getting those numbers early on – well before the end of December – can help you make better plans and decisions for crop year 2023. This is because you know exactly where your farm stands, can take a look at different metrics and benchmarks for your operation, and make good input purchasing decisions and end of year marketing decisions.

Start creating good projections for 2023. Now you can take your 2022 information with an understanding of where your operation is at, and work with your advisors to set up some solid projections for the 2023 crop year. As you look ahead at 2023, consider whether you have any plans to make major capital purchases in the coming year. Will you potentially be buying land, making major equipment purchases, or upgrading buildings? Talk with your advisor about any metrics that you can work to improve in the coming year to help make your operation even more successful.

Set up strong business and marketing plans. Next, using your 2022 financial information and your 2023 projections, generate business goals for your operation for the upcoming year. Make sure your goals are measurable and specific – that way you can track the progress and break larger goals down into smaller pieces. Once you’ve decided on business goals for the year, make sure to also work with your market advisor to create flexible marketing plans that will move along with your operation into the coming year. Your marketing goals and plans should be tailored to your unique operation and what you have planned for the upcoming year – and years – and what you want your farm to look like in the future.