Farming has inherent risks. Mother Nature throws curveballs, the market runs wild and you never know what management decisions will pay off. Matt Bennett, owner of Bennett Consulting and partner with AgMarket.net, farm division of John Stewart and Associates, offers farmers six tips to manage risk.
- Stay up-to-date on current markets but don’t over saturate.
- Create a well-thought-out marketing plan based on your specific needs, focusing on profit, not price.
- Manage your emotions while marketing.
- Focus on your plan by planning offers and leaving them in.
- Keep track of how the sales you’ve already made impact your break-evens.
- Use bins strategically.