Farm Management

"Farms and ranches, like other small businesses, require sound management to survive and prosper. The continual development of new agricultural technologies means that farm and ranch managers must stay informed of the latest advances and decide whether to adopt them. Adopting a risky, unproven technology that fails to meet expectations can cause financial difficulties or even termination of the farm business. On the other hand, failing to adopt profitable new technologies will put the farm business at a competitive disadvantage that could also prove disastrous in the long run. Moreover, changing public policies regarding environmental protection, taxes, and risk control tools can make certain alternatives and strategies more or less profitable than they have been in the past. Finally, changes in consumer tastes, the demographic makeup of our population, and world agricultural trade policies affect the demand for agricultural products"--