Agricultural Economics Department
Date of this Version
2-2-2024
Document Type
Article
Citation
Cite this work: Van Tassell, L. “The Importance of Strategic Planning for Farmers and Ranchers.” CAP Series 24-0201, Center for Agricultural Profitability, University of Nebraska-Lincoln, Feb. 2, 2024. DOI: 10.32873/unl.dc.cap027.
Abstract
Planning, or more specifically, strategic planning, is a process of defining long-term goals and objectives of an organization and determining the best course of action to achieve them. It involves such steps as defining the current situation, identifying strengths, weaknesses, opportunities, and threats, and developing a plan of action to take advantage of opportunities and overcome challenges. Parsons (2018) outlined six key components of a business plan and why a farm or ranch should make the effort to develop a business plan.