To set the stage for a successful 2024, effective planning is critical. Embracing the OODA loop, a strategic model by John Boyd, can help. To start you Observe the situation, Orient yourself, make a Decision and Act on that decision. This technique can be applied to your operation to foster success and growth.
A 30,000-foot view
David Widmar and Dr. Brent Gloy of Agricultural Economic Insights, together with Farm Credit Mid-America’s Senior Financial Officer Kyle Weber offer their observation of the 2023 farm economy in regards to commodity crops and fertilizer. Commodity markets can be volatile, and responding to the changes can be difficult for producers. Widmar advises keeping an eye on exports and yield adjustments. As you prepare for 2024, one of the decisions you will need to make is when to buy fertilizer or other supplies. Due to price volatility, the supply chain might impact when you decide to make larger purchases for your operation.
Pulling the pieces together
Begin by updating your 2023 financial performance with actuals, yields, and price estimates. Assess whether you’re on track with your initial projections and consult with your financial officer. Although the end of the year can be busy, there’s never a bad time to start planning.
Source: ofbf.org
Photo Credit: gettyimages-jimfeng
Categories: Ohio, Business