Get the 2023 results of the Fight Hunger, Stock the Trailer contest, learn about tax savings on off-farm job benefits and find out about a new Ag Literacy Certification Program.Read More
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.
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.
Labor has always been an issue, mainly because we are a seasonal operation. So that's a challenge finding somebody who only wants to work three months out of a year, sometimes up to six months.Farm Labor Resources
I appreciate the benefit of having a strong voice in my corner. The extras that are included in membership are wonderful, but I'm a member because of the positive impact to my local and state agricultural communities.Strong communities
I see the value and need to be engaged in the community I live in, to be a part of the decision-making process and to volunteer with organizations that help make our community better.Leadership development
Farm Bureau involvement has taught me how to grow my professional and leadership experience outside of the workforce and how to do that in a community-centric way.Young Ag Professionals program
With not growing up on a farm, I’d say I was a late bloomer to agriculture. I feel so fortunate that I found the agriculture industry. There are so many opportunities for growth.Growing our Generation
Knowing that horticulture is under the agriculture umbrella and having Farm Bureau supporting horticulture like it does the rest of ag is very important.Groovy Plants Ranch
If it wasn't for Farm Bureau, I personally, along with many others, would not have had the opportunity to meet with our representatives face to face in Washington.Washington, D.C. Leadership Experience
Now is the time to start thinking about end-of-year plans and what 2024 might have in store.Read More
Learn about the new Controlled Agriculture Research Complex at Ohio State and other plans for the Waterman Agricultural and Natural Resource Laboratory.Read More
Learn more about Farm Credit Mid-America’s Growing Forward program for young, beginning, and small farmers.Read More
How will your county fair stack up in this year’s Fight the Hunger, Stock the Trailer contest? Learn about the Farm Credit Mid-America and Rural 1st contest.Read More
Farm Credit Mid-America operating loans offer cash back, flexibility and a tailored, one-on-one experience with a farmer-owned lender.Read More
American Farm Bureau is giving the dairy industry a chance to talk about pricing and meaningful changes to the Federal Milk Marketing Order system with a forum will be held Oct. 14-16 in Kansas City.Read More
A recent survey conducted by Ohio State CFAES found information regarding consumers and agriculturalists’ purchasing intent, preferred sources and methods of learning about meat options, and topics of interest to them.Read More
The OACI Assessment survey results establish a baseline of adoption for various farming practices in the Lower Maumee watershed.Read More