Utah State University specialists Ruby Ward and Karin Allen are providing agricultural resources designed to help farmers evaluate their operations and assess the financial impact of new business strategies. The provided materials focus on navigating economic shifts, including inflation and changing market conditions resulting from the COVID-19 pandemic.
Tools for Operational Evaluation
In a presentation titled Evaluating and Expanding Your Farm Business, Ward and Allen outlined several tools intended to assist farmers in examining their current operations. The session highlights the use of simple Excel tools that allow producers to examine the specific effects of inflation and price fluctuations on their business models. These tools are designed to help individuals develop personalized strategies and long-term plans for their specific agricultural operations.
Support for Micro Entrepreneurs
The educational materials also provide an overview of the Fundamental Resources to Assist Micro Entrepreneurs (FRAME) program. This program offers various resources to support agricultural business growth, including specific guidebooks intended for those looking to start a new value-added operation. The materials aim to provide motivation for the program while detailing what resources are currently available to entrepreneurs in the field.
Assessing Strategic Changes
Beyond general evaluation, the specialists address the necessity of making changes to improve profitability in a changing economic landscape. A presentation titled Financial Assessment of New Strategies discusses how to assess strategic changes within an agricultural business. This includes examining what is permitted under on-farm processing regulations to help producers identify new opportunities for growth.
Navigating Economic Shifts
The curriculum addresses the financial shifts caused by the COVID-19 pandemic, noting that many producers are looking at making operational changes to improve profit margins. The resources provided by Utah State University include a financial health evaluation tool to assist in this transition. The materials also cover upcoming projects and provide information on how individuals can become involved in the development of new agricultural strategies.
