Look for help in the Farm Business Program

By Gary Sliworsky
OMAFRA Rep.

Ontario farmers who are looking for assistance to complete their business plans and for tools to measure profitability have found the help they need in the Business Development for Farm Businesses program. Farmers start by attending a two-day Growing Your Farm Profits workshop where they complete a self-assessment of their business and develop an Action Plan that helps achieve their business goals.
Once their Action Plan has been signed off by a workshop leader, farmers are encouraged to apply for cost-share funding to help achieve their farm business goals. Cost-share funding is available in the following areas: Farm Financial Assessment; Agriculture Skills Development; Advanced Business Planning and Business Plan Implementation. For more information, go to www.ontariosoilcrop.org
Farmers can spend up to four days with a farm business advisor reviewing financial goals and analyzing financial information. There is also potential for a follow-up day for those who wish to assess their progress in meeting goals after one year. Farmers benefit by receiving a review of their current financial position, projections to evaluate changes like an expansion, or a cost of production analysis, and a benchmark of six key financial ratios. By understanding their financial position, farmers can make more informed and timely decisions.
Farmers should expect to share their farm revenue, expenses, assets, debts and other pertinent financial information with their farm advisor. Income tax returns or financial statements prepared by an accountant for a minimum of two consecutive years are also required. All information is held in strict confidence. Farmers like the plain language used in the Farm Financial Assessment Report, which helps them better understand their financial records and how to measure the financial strength of their business.
Training opportunities are available in business strategy, business structure, computer skills, financial management, human resources, marketing, production, social responsibility, succession planning and leadership and governance. Training in these skill sets is available to the business owner, family and employees.
Skills development provides an opportunity for farmers to gather new information or improve existing skills that will enhance the long-term viability of the business.
Farm business advisors can help farmers evaluate their business management goals, with specific regard to succession planning, marketing, human resources, risk management or diversification.
The Business Development for Farm Businesses Program and the Growing Your Farm Profits Workshop, are part of the Best Practices suite of programs under Growing Forward, a federal-provincial-territorial initiative.
For further information please contact the Ontario Soil and Crop Improvement Association at 1-800-265-9751.