Many farm leaders often wonder whether it may be time to take on a new opportunity and grow the farm. That could be in terms of growing in acres or by diversifying the operation and starting a new side venture.

There are many reasons they may be considering growth. The farm might need to grow out of necessity as additional family members return, with more families relying on the farm as a primary source of income. Maybe it’s just a long-term goal for the farm.

It could be an entrepreneurial thirst – a desire to start a new side opportunity that will allow for additional growth, beyond trying to grow the farm by adding acres.

Another reason might be some previously unrealized efficiencies that could be achieved by growth – whether in acres or through an opportunity to diversify. Assets the farm already has, such as equipment or even current employee knowledge, can be tapped or put to greater use within the new opportunity.

Maybe it’s an opportunity you never expected to come up – and it comes knocking right at your door.

Get clear

But here’s the real question when it comes to growth and deciding whether it’s time to grow the farm in some way: How do you know? How do you know when it’s the right time to grow the farm?

This can be a tough question to answer. It requires quite a bit of analysis and evaluation. Below are five things to think through when you’re considering whether it’s time to grow the farm – through the more traditional route of adding acres or by diversifying the farm in some way.

Five questions for growth

When you’re considering growing your farm in some way, it can be helpful to have the perspective of a third party advisor, who understands both your farm and ag in general. You may want to get in touch with our advisors to talk through these questions as you decide whether now is the time to grow your farm.

The opinions of the author are not necessarily those of Farm Futures or Farm Progress.