Planning ahead for 2024

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.

What are the big decisions you will face next year?

Identify the most critical decisions you’ll need to make before the new year arrives. Determine which ones require your focus and what information may be missing. Reach out to your financial officer and incorporate these discussions into your OODA loop. Also, consider streamlining recurring decisions to save time and effort.

Making your decisions work for you

Use the OODA loop to reflect on past successes and identify opportunities for the future when you’re ready to take action. Continually aim to improve year by year. This is the moment to proactively plan for 2024 and continue your journey towards success. If you have questions or need guidance on how to initiate your 2024 planning, reach out to your financial officer at Farm Credit Mid-America or visit fcma.com for more information.

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About Farm Credit Mid-America
A proud member of the Farm Credit System, Farm Credit Mid-America exists to secure the future of rural communities and agriculture as a leading provider of reliable, consistent credit and financial services to farmers, producers, agribusinesses and rural residents in Arkansas, Indiana, Kentucky, Missouri, Ohio and Tennessee. The customer-owned cooperative serves more than 137,000 customers and manages a portfolio of $38 billion in total assets owned and managed. Farm Credit Mid-America’s products and services include loans for real estate, operating, equipment, rural living, crop insurance and vehicle, equipment and building leases. For more information visit www.fcma.com.
The issue of property taxation remains as one of the biggest challenges our members face today. Ensuring agricultural property is valued for its agricultural potential and not development is critical to the continued success of Ohio agriculture.
Matt Aultman's avatar
Matt Aultman

Darke County Farm Bureau

Giving farmers a voice
The plan we are on is great. It’s comparable to my previous job's plan, and we are a sole proprietor.
Kevin Holy's avatar
Kevin Holy

Geauga County Farm Bureau

Ohio Farm Bureau Health Benefits Plan
I could not have done it without the resources I have found through Farm Bureau.
Gretchan Francis's avatar
Gretchan Francis

Trumbull County Farm Bureau

Bringing the farm back to life
We really appreciate what Farm Bureau has done to get people interested in this line of work and workforce development and getting people interested in this industry.
Jody Brown Boyd's avatar
Jody Brown Boyd

Brown's Family Farm Market

Finding farm labor
We work terrifically with the Ashtabula County Farm Bureau, hosting at least one to two outreach town hall events every year to educate new farmers and existing farmers on traditional CAUV and woodlands.
David Thomas's avatar
David Thomas

Ashtabula County Auditor

CAUV: Past, present and future
Because we are younger farmers just starting out, Farm Bureau has a lot of good opportunities and resources to help us grow in the future.
Hannah Kiser's avatar
Hannah Kiser

Sandusky County Farm Bureau

Farm Bureau involvement
Through the Select Partner program, we became educated in farm insurance and weren't just selling policies. It became more and more clear why farmers need an advocate like Ohio Farm Bureau.
Chad Ruhl's avatar
Chad Ruhl

Farm manager, CSI Insurance

Select Partner Program
So many of the issues that OFBF and its members are advocating for are important to all Ohioans. I look at OFBF as an agricultural watchdog advocating for farmers and rural communities across Ohio.
Mary Smallsreed's avatar
Mary Smallsreed

Trumbull County Farm Bureau

Advocacy
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