STRATEGIC PLANNING
Strategic planning has five element that will provide the answers to the questions posed at the beginning of this chapter.
1. Identification of stakeholders and their values, philosophy, and ethics
2. Development of the farm’s vision and mission, clarifying values, and setting objectives
3. External analysis of the farm’s competitive environment including the general economy and the industry to which the farm belongs (e.g., dairy or corn)
4. Internal analysis of the farm’s operating environment
5. Crafting the strategy for the whole farm and a complementary strategy for each part of the farm (corn production, hogs, custom work, for example)and each management function (marketing and finance, for example)