The Dollars and Sense Study Update survey from Farm Management Canada is looking at how to increase the adoption of business management practices on Canadian farms.
“Many farmers didn’t get into farming to be business manager, but we know farm business management matters,” says Dean Dyck, farm business management specialist at the Alberta Ag-Info Centre.
Dyck spends much of his work day providing information to Alberta farmers about farm business management practices and best practices. He says that he gets many questions about making decisions with accurate cost data, structuring agreements that are fair to both owners and lessees, along with the financial implications of various decisions.
The 2015 study Dollars and Sense revealed the success of any farm enterprise, regardless of size, production sector, or location was directly related to the business management practices of the farm manager. It concluded that farmers who adopt business management practices can improve their profitability by up to 525%.
The study also found that the adoption of farm business management practices was low. Less than 25% of farms had a written plan.
This survey aims to update the 2015 study by understanding the barrier and drivers of adopting farm business management practices.
Alberta Agriculture and Forestry is one of the cooperating ministries across Canada involved with this survey from Farm Management Canada.
Take the survey It closes on March 31, 2020.