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 direction or strategy for the operation, or decisions about farm growth or personnel-related matters.

Big decisions

Like I said, these decisions aren’t easy ones! They 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 from the outside or at first glance, but after a deeper review, the farm’s leader may decide it’s just not the right fit for where their operation is headed.

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 this year – such as needing to decide whether to repair or replace a certain tractor or the fact that a piece of nearby land is 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.

Make a list of these 2024 decisions. This helps keep them on your radar and in focus. Make sure the other people in your operation who will be involved in the decision-making process are also aware.

Then, determine any decisions where having an outside reviewer or someone to provide perspective on the decision may be helpful. 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 advisor 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.

How are you navigating this market?

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.waterstreetag.com.