SHARE

Ag operations face many day-to-day challenges that can be disruptive if not dealt with properly. The operations that successfully overcome these challenges are usually the ones that are effective at decision-making.

Some daily decisions, such as what task to tackle today on the farm, are usually made spontaneously in the farm shop or on a call without a ton of prior planning. But the bigger decisions, such as determining whether to buy a piece of land or make a major equipment purchase, should follow a more formal and thought-out process. This is where a regular business meeting schedule can be helpful. Even smaller, family-run farms that don’t often have this type of formality in place can benefit. Here are some recommendations for productive business meetings that can help your operation make good decisions.

Get the right people involved

These meetings should include everyone who has a financial stake in the operation, including spouses, parents, siblings and children with ownership interest in the farm. While it can feel awkward to have business meetings with family members or others close to you, don’t let that stop you from moving forward. All stakeholders should fully understand the business’s financial health, goals and plan for the future.

Consider using a third-party facilitator

To reduce potential discomfort in meetings with family members or friends, you can find someone outside the operation to facilitate. This can include a professional meeting facilitator, or it may be a professional you already work with such as an accountant, farm business consultant or attorney. You’ll still need to provide important financial data and set the general agenda, but a facilitator can help lead the meeting and keep everyone on track, while ensuring there is a more neutral party at the helm.

Make sure to focus on the right things

Some decisions require more attention than others. To get the most out of your meetings, focus on areas that require the most long-term planning or financial investment. It is easy to get sidetracked with more immediate decisions, but discussions on the larger, more difficult decisions will likely pay bigger dividends in the future. For example, major equipment purchases should be discussed and budgeted for on an annual basis.

If you bring in a financial partner to help facilitate your business meetings, this individual can help you think through these types of important purchases and other big decisions. By taking a formalized approach to the decision-making process, your operation should be well equipped to handle challenges and arrive at successful outcomes.