Cost control

Knowing cost of production per acre and per bushel or head, and managing every line of it.

Strong working capital

Cash and credit to buy fuel, fertilizer and seed in bulk, at the most advantageous time of year, with early-payment discounts.

Disciplined capital spending

Buying land and equipment when the numbers work, not on impulse or for tax reasons. Machinery cost per acre kept in check.

Strong marketing

A written marketing plan for crops and livestock, using contracts and pricing tools rather than selling at harvest. Value-added where it pays.

Healthy margins

Focusing on profit per acre, not just gross revenue or acres farmed.

Risk management

A formal plan using crop insurance, AgriStability, hedging and diversification, so one bad year doesn't set the farm back for five.

Agronomy and timeliness

Seeding, spraying and harvest done on time; soil health, fertility, precision ag and good data on what works field by field.

Financial literacy

Reading and using financial statements, budgeting each enterprise, and benchmarking against peers.

Smart debt and land strategy

Sensible leverage, managing interest rates, and the right mix of owned and rented land.

Planning and goals

A written business plan with clear goals, reviewed at least yearly.

Trusted advisors

Accountants, agronomists, lenders, marketing advisors and peer groups, used regularly.

People and succession

Good employees, clear roles, family alignment, and a succession plan for the next generation.

Continuous learning

Actively seeking new skills, technology and ideas.