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Dr. David Kohl - Resiliency of Ag Producers in the Age of Covid-19

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Dr. David Kohl
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Home > Education & Events > June 2020 > Dr. David Kohl - Resiliency of Ag Producers in the Age of Covid-19
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Today's question is what specific actions are you taking in your business, family and personal life to build resiliency and agility, particularly in this COVID environment that seems to be ongoing?

The same question was posed on a recent webcast, to a farm women managers group; and they had three choices. The number one choice by 68% of the individuals, was reassessing business, family and personal goals to get the balance between business and family life. Number two on the list, was to build or preserve working capital, particularly if they had seen a restructure, or refinanced debt to replenish liquidity. Third on the list was to look at and examine the family living budget, which is often one of the largest costs in a business. This was followed by re-examining break evens and costs of production, which is very critical in developing both marketing and risk management plans.

What I found most interesting was that approximately 30% of participants were looking at local niche markets, as a means of diversification to build resiliency and agility in their business. Following this idea was the development of advisory teams, whether it's a crop livestock consultant or you’re your trusted lenders. Meeting with said advisory team periodically is very critical to monitor the individual performance in the business. Next came the idea of strong communications, not only with your lenders, but other family members. As you look at building your resiliency and agility in your business, think through some of the responses that the farm women's group had to determine which areas are beneficial to focus on in your operation. 
 
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