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strategic risk

Discussing Key Resources and Risk Exposure in Your Farm Business Plan

Developing a business plan for your farm helps align day-to-day operations with overarching business goals. In this article, we explore the importance of assessing current business resources and exposure to risk while creating a business plan. We provide discussion on risks to your business’s key resources, a framework to evaluate the strength of your farm’s resource base, and an outline of how to craft an effective business plan.

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Farm Resilience, Management Practices, and Producer Sentiment: Segmenting U.S. Farms Using Machine Learning Algorithms

Margaret Lippsmeyer, Michael Langemeier, James Mintert, and Nathan Thompson segment U.S. farms by farm resilience, management practices, and producer sentiment. This paper was presented at the Southern Agricultural Economics Meeting in Atlanta, Georgia in February. 

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Key Resources Determining the Future of the Farm: Human Capital & Information Technology

This article emphasizes the significance of human resources and information technology (the ability to manage and analyze data) as we transition into a new era of production agriculture. This new era brings further innovation of agricultural technology, information processing, and use of artificial intelligence to digitize agriculture.

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Integrated Risk Management: Developing an Asset-Based Business Strategy

Integrated risk management is a comprehensive approach that addresses business, financial, and strategic risks collectively, safeguarding your organization against potential threats. This article analyzes the importance of integrated risk management for production agriculture, an industry which is highly susceptible to external shocks.

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Farm Agility, Resilience & Strategic Risk

Purdue ag economists Brady Brewer, Michael Langemeier and Margaret Lippsmeyer discuss the importance of strategic risk management and the factors that contribute to a farm’s resilience In this episode of the Purdue Commercial AgCast.

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Agility and Producer Sentiment

Survey of U.S. farmers reveals how a farm’s agility relates to farm growth. Respondents were asked if they had established goals, objectives, and core values; whether their farm looked for opportunities that new enterprises may provide; whether they regularly assessed their advantages and disadvantages compared to other farms.

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Absorption Capacity and Producer Sentiment

Survey of U.S. farmers reveals how absorption capacity drives farm growth and resilience. Respondents were asked if they had low per unit fixed costs, a diversified enterprise mix, and a strong balance sheet.

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Resilience to Strategic Risk

Off-the-shelf strategic risk management tools remain unavailable for farmers (unlike availability of forward pricing commodities, hedging commodities using futures and/or options, locking in input prices, etc., for financial, marketing, and production risk), furthering the misconception that strategic risks are “unmanageable”. Strategic risk management requires a more deliberate approach (i.e., enhancing farm agility and absorption capacity). Results presented in this article reveal how resilience to strategic risk relates to future growth expectations, optimism on the state of the agricultural economy, use of management practices, and financial performance.

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Why is Managing Strategic Risk So Important in Production Agriculture?

Strategic risk is difficult to quantify.  Despite this fact, it is important to prepare risks impacting U.S. farms and build resilience.

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Agility and Absorption Capacity

Over the past several years, maintaining agility and absorption capacity has been a solid mechanism to deal with strategic risk. Absorption capacity has enabled farms to maintain some sense of stability with market turbulence caused by increases in input prices, Covid-19, trade restrictions, higher rental rates, fluctuations in labor availability, ongoing geopolitical conflict, and market downturns. As farms face these obstacles there is also a greater need for agility, including innovative techniques that can reduce business costs, enable workers to shift assignments to meet changing business needs, and diversify to reduce risk.

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