New UT Extension Publication Series Aims to Help Producers with Agribusiness Management
KNOXVILLE, Tenn. — A written business plan is a critical risk management tool for business owners for making informed decisions, and such a plan is often required to secure financing or grant funding. University of Tennessee Extension specialists have developed a new series of publications designed to help agricultural and forestry businesses develop strong business plans.
“The process of developing a business plan is helpful in identifying strategies to utilize resources efficiently and maximize profitability,” says Rachel Painter, UT Extension value-added agriculture marketing specialist with the Center for Profitable Agriculture. Painter co-authors the publications. “A business plan is a comprehensive document that defines and summarizes how resources and financing will be used to realize financial, marketing and operational goals. A plan can help evaluate alternative enterprises, identify market opportunities, and communicate plans, goals, and requests to lenders and business stakeholders,” she said.
Painter worked with Les Humpal, UT Extension farm management specialist with the Center of Farm Management, to develop the publication series in collaboration with the Tennessee Department of Agriculture Business Development Division. Specialists with both UT centers assist producers statewide with developing farm and financial management plans and marketing plans through one-on-one consultations and educational programs.
Tennessee Agriculture Commissioner Charlie Hatcher, D.V.M., said, “TDA’s staff will use these tools to help producers who seek to improve their operations and those who apply for one of our cost share programs. Whether they need help with business, financial or marketing plans, the publications provide the framework for strong applications.”
UT Extension Dean Ashley Stokes adds that helping producers thrive is among Extension’s core missions. “UT Extension is committed to assisting producers with their operations. A strong agricultural and forestry community helps all the citizens of Tennessee,” she said.
The business planning publications can be found online at the website for UT Extension publications: extension.tennessee.edu/publications. Search for each one by title:
Business Planning for Agricultural Operations
Business Planning for Agricultural Operations: Business Description
Business Planning for Agricultural Operations: Marketing Plan
Business Planning for Agricultural Operations: Financial Plan
Through its land-grant mission of research, teaching and extension, the University of Tennessee Institute of Agriculture touches lives and provides Real. Life. Solutions. utia.tennessee.edu.