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What do you need to ‘let go’ of prior to spring?

Darren Frye, CEO

December 27, 2022

3 Min Read
2023 marketing chart
Getty/hallojulie

Have you already begun planning for the upcoming year when it comes to your farm business? It can often be helpful to take a little time for a “reset” of our thinking before jumping into plans for the next crop year.

The reason? It’s human nature to think in terms of what’s most recently happened to us – and because it’s fresh in our minds, most of us will think about what happened during 2022, and make plans based on those circumstances and lessons.

But because the ag operating environment has seen changes in the past year – and the internal circumstances of your farm operation may have changed significantly since then as well – this next year may require some different choices or decision-making than perhaps what was done in recent years.

Shifting it

It’s true that every single year of farming is different. The “outside” operating environment is different, the markets are different, the weather is different, and the circumstances of your farm operation are different from year to year.

For farm leaders, that often requires a shift in thinking. It requires that we consider the unique circumstances the year is bringing for our operation – and to make decisions accordingly. There will be unique challenges and opportunities in each new year.

It can be helpful to first review the previous year or years to uncover any lessons or discoveries that come out of it. Leaders can choose to carry along whatever will be instructive or provide insight on how to move forward.

Letting go

Next, it’s time to “reset” the mindset. What I mean by that is to let go of any preconceptions – based on what happened in 2022 – about what the 2023 crop year will be like. It’s best to go into the next year with a blank slate in your mind about what will happen. It’s also time to let go of any worries, fears or anxieties that developed over the prior year.

Your reset can also involve some goal-setting for your business for 2023. Where do you want your business to be by the end of 2023? How about in five years from now? 10 years from now? What does it look like – and how do you plan to achieve that?

Stepping back now – when you don’t have a crop in the ground – and taking a “zoomed-out” view of your farm business can be a great opportunity to get really clear about what you want – and don’t want – for the future of your business. When you use this off-season wintertime to plan wisely, you can get clear about the future and be refreshed and ready to go when springtime arrives.

2023 markets

This winter is the right time to be creating marketing plans for the upcoming year and beyond. A market advisor can help with providing education, marketing tools, and market planning for your unique operation and your future goals.

Farmers have found that getting some third-party perspective from our market advisors has helped ease their minds. The advisors help farmer clients with planning and execution around marketing decisions and help keep them up to speed on the current rapidly-changing grain market situation – and how it impacts their operation.

Get a free two-week trial of our marketing information service (MarketView Basic). Your free trial includes regular audio and video updates, technical analysis, recommendations and more. Learn more about our market advisor programs and offerings at www.waterstreetconsulting.com.

About the Author(s)

Darren Frye

CEO, Water Street Solutions

Darren Frye grew up on an innovative, integrated Illinois farm. He began trading commodities in 1982 and started his first business in 1987, specializing in fertilizer distribution and crop consulting. In 1994 he started a consulting business, Water Street Solutions to help Midwest farmers become more successful through financial analysis, crop insurance, marketing consulting and legacy planning. The mission of Finance First is to get you to look at spreadsheets and see opportunity, to see your business for what it can be, and to help you build your agricultural legacy.

Visit Water Street Solutions

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