Library

What are the Skills of Financially Successful Farmers?

Jason Oliver and, Bruce Erickson (December, 2008)

Summary

At few times in history has making the right decisions at the right time in agriculture been more important than now. A recent survey of several hundred farmers showed that, of seven categories of expertise, these farmers rated financial management skills and risk management skills as most important for their success and indicated, as an average, that they were more proficient at these skills than the others. But it was production management skills and personnel management skills that were more related to financial success. This suggests that all farmers may need to be on top of the financial and risk side of the business just to compete, but that production management and personnel management distinguish the financially great farmer from those that might just be getting by.