#RightRisk #RiskInAg #AgRiskMgt

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THOSE WHO ARE NEW to production agriculture or just getting started, may not have considered the many ways risk and uncertainty make their appearance in an operation.

Risk management encompasses a wide variety of topics and issues when applied to commercial agriculture. Any time a large portion of your income depends on factors outside your control, such as weather and market forces, the potential for success hinges on your ability to manage these and other risks. Agricultural producers frequently overlook the importance of strategic thinking and fail to formulate a comprehensive risk management strategy. This oversight leaves them vulnerable to the uncertainties associated with fluctuating prices, poor yields, and rising expenses.

#RightRisk #RiskInAg #AgRiskMgt

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FOR THOSE JUST STARTING OUT in production agriculture, dealing with the unexpected can be a big challenge.

Unexpected challenges come in all shapes and sizes: Machinery breaks down, weather doesn’t cooperate, livestock get sick, employees have issues and countless other unexpected events occur. Dealing with unexpected challenges or risks that may arise, in whatever form they take, can be much easier with a risk management plan in place.

#RightRisk #RiskInAg #AgRiskMgt

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Negotiation is an often-overlooked aspect of production agriculture.

MANY PRODUCERS may not realize just how much time and effort goes into negotiating the various relationships in their businesses. Negotiation is part of just about any aspect of working with people on a farm or ranch. We often tend to shy away from thinking much about negotiation, especially if conflict is involved. Commercial agriculture producers, whether new/beginning, those switching from another business, or armed service veterans looking for a new start in a farm or ranch, should be aware of just how important negotiation skills are to their business.