Economics 333

Strategic Planning - Goal Setting

Assignment #1

Fall 2011

40 points

Part 1 due week of Aug. 29 (5 points)

Part 2 due week of Sept. 5 (35 points)

Each of us has a future. What we get out of that future in terms of satisfaction, enjoyment, and monetary return is tied directly with our goals and planning. Each of us is faced with both opportunity and uncertainty as we develop strategic plans. The following information is useful in developing a strategic plan.

a) Outline the goals that the producers (you) have. Do these goals align with those they (you) will be needing in order to be successful?

b) What skills do they (you) possess that will help them (you) reach their (your) goals?

c) What strategic plan do they (you) put into place to achieve their (your) objectives?

d) What resources besides themselves (yourself) do they (you) have available to accomplish their (your) plan?

e) How can they (you) better position themselves (yourself) for the long term?

f) Assess what is happening in their (your) field of interest and anticipate future changes and how they (you) will be able to adjust to meet those future needs.

You have been provided some case examples of producers who looked at their present circumstances and were forced to make some decisions that required some long term commitment. Now to developing your own strategic plan. Follow the a-f outline above as you complete this strategic plan assignment. This assignment is two-fold.

1) The first is to complete a strategic plan for one of the three cases provided in lab: the Breitbach case, the Eberman case, or the Altman case (two page maximum). Make a copy to hand in by Sept. 1. Keep another copy for your files.

2) The second is to prepare a strategic plan for an actual operation of your choice (two page maximum). This may be a farm of your choice and may reflect your future aspirations. This is due by September 8. Once developed, this plan will hopefully be of use as you develop alternatives for evaluation in other assignments throughout the semester.

Remember that a plan must follow a time line. What are your objectives and what do you want to accomplish the first year, by five years, ten years, and after twenty-five years. Be specific and include as much detail as possible. Plans could include items such as production, marketing, financing, resource acquisitions, etc. Few things are done successfully without having thought about it first and then developed plans to carry it to completion. Additionally, evaluation is needed on a regular basis as you move forward to assess if a change in direction or speed is needed. What is happening around you in your industry and other industries may cause you to veer in direction, accelerate or decelerate, etc., as you travel down the road established by your plans. Happy strategic planning!!!

Information in files C6-39 through C6-49 in the miscellaneous area of the course packet or Ag Decision Maker website as the Whole Farm-Strategies Planning area of Ag Decision Maker may be useful here.