Often, farmers don’t get recognized as businessmen and women. But that is what they are. Running a successful farm isn’t just about the crops and animals. It’s about turning your produce into profit. Business isn’t something many farmers love, but business skills are needed to make it worth your while. You put a lot of time, effort and love into farming. Studying an online executive MBA from Washington State University could help you apply business skills, to make your farm a huge success. These are just a few of the things you could learn.
Business planning is an important tool. Having a long-term business plan in place will help you to set goals and identify ways to get there. It’ll highlight any problems you might need to be prepared for in the future and help you make contingency plans. A detailed and professional business plan will also help you secure any loans or funding you might need.
Studying an MBA would allow you to look at your business and perform a detailed business analysis. Not just planning for the future, but making predictions, foreseeing problems and coming up with solutions. You’ll see the weaknesses of your business, know instantly when something is going wrong, and know exactly what to do about it. You’ll be able to look at issues with the global economy and factor their effect on you into your planning.
As a manager of any kind of business, great leadership skills are vital. You want to inspire loyalty and trust in those that work for you, and to create a productive and reliable workforce. While some people have these skills naturally, for others they take work. Either way, learning more about how to get the most out of your staff will give you an advantage.
Marketing is one of the best ways to grow any business. You might have great products and services, but people need to know about them. There’s a lot of competition in the farming world, and while loyalty and word of mouth marketing can go a long way, to be truly successful you need more. You may know all about traditional marketing methods such as having an advert printed in the local newspaper, but an MBA would give you an in-depth understanding of more up to date marketing methods, such as digital and social media marketing.
A long-term financial forecast is as important as a business plan. Yes, you know how much money you want to take, and you know how much things cost. You need to be able to plan for every cent that’s going to come in to your company and when, to be able to plan for any outgoings and to prepare for any financial help you may need.
Studying these things at the level of an executive masters in business administration program would really allow you to easily implement changes, processes and management skills, which could potentially make your farm a global success. People often worry that they don’t have time to study while running a busy farm, but with so many online study options available today, this doesn’t need to be a concern.