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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.