Farm Progress

Look long-term to help focus on the right goals.

Darren Frye, CEO

May 29, 2018

3 Min Read
BrianAJackson/iStock/GettyImages

During planting and growing seasons, we can get very focused on what we have to do each day – our tasks and to-do list. Every day we’re working to cross each item off the list in an efficient and effective way, to grow the best crop possible and run our operation well.

Farm leaders are very diligent and responsible people – they like to get things done – and done right. That’s an admirable quality, and one that can serve you well as a leader. But there’s one area where it can sometimes actually make things tougher in the long run, and that’s when it comes to the ‘big picture’ of the operation – and ultimately, the legacy you leave.

Zoom out

Focusing on the details of what we have to get done every day allows us to check off our to-do list and feel successful. But it can also prevent us from engaging in some of the long-term thinking and planning that also has an impact on where our farm is heading.

Though we may feel we’re just trying to survive day by day, especially during busy times, it’s important not to lose sight of the ‘why’. Why are we farming? Why do we do what we do each day? Where is this all going? Do I know what I want that future to look like in ten or twenty years? Or do we always manage our business in terms of the day to day, trying to get through another crop year?

I ask these questions because without knowing or at least considering the answers to them regularly, it’s a lot tougher to make the everyday decisions in a way that will ultimately move the farm closer to the long-term purpose, building your legacy. That may seem obvious – but it can be tough to take action on.

What’s the vision?

Here’s just one example: If the goal is to retire and sell all your land in five years, then you’ll need to be making very different decisions about your business versus if you want to bring in the next generation with the hope of the farm continuing on in the family.

Many farmers find it helpful to have a coach or advisor for the farm who assists them as they initially work through these types of questions. Then the advisor can help them stay accountable and on track toward achieving that desired future.

When the farm leader is faced with major decisions – like big purchases, expansion or bringing a family member into the operation – there are guideposts to go back to. A vision for the future can provide a helpful ‘litmus test’ or gut-check for all your business decisions. Consider alternatives in light of whether or not they will help the farm move toward the future you want.

An advisor or coach for the farm can be a big help in figuring out and working through the right opportunities for your operation. Get a meeting on the calendar for this summer to start planning. Developing a long-term vision can help springboard your operation into the future with confidence because you have a solid plan.

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

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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