Introduction A contingency plan is a course of action to help a business determine how to respond to possible future events. Contingency plans are often referred to as “Plan B”. One of the most common contingency plans used by small businesses relates to how to respond to the departure or absence of key personnel. Contingency[Read More…]
Michael Langemeier
Introduction Competitive advantage can result from product differentiation or from being a low-cost producer. A low-cost producer, as the term implies, strives to have below average per unit costs while receiving at least average product prices. A farm pursuing product differentiation, on the other hand, strives to obtain above average unit product prices while maintaining[Read More…]
This article is the second in a series that covers risks and planning for farms and agribusinesses. The first article, Adapting and Planning for Farm Businesses in Uncertain Times, can be found here. When you hear the term “human resources”, do you automatically envision a large corporation’s department that manages benefits for many employees? Surprisingly,[Read More…]