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Many companies breaking into the international market underestimate the ever-present barrier posed by cultural differences. Although consumer trends have become more homogeneous around the world, values, language and decision-making methods represent major obstacles for entrepreneurs who try to negotiate with partners in another country.
Since farms have become bona fide SMEs—some with roughly $500,000 in sales, more than $1 million in assets and often considerable debt—farmers must now have the traits of business leaders.
In farming, technical management is no longer enough. Farmers must now perform overall management and risk assessment much like for any other business. Aiming for profitability, assessing risks effectively, taking steps to strengthen the business’s financial situation, facing potential crises—strategic planning encompasses all these tasks and more.
Your business has to manage both local and global risks associated with currency, credit, intellectual property, transportation, ethics and more. But don't worry—there are a number of tools available to limit the effects of these risks on your business.
There are many reasons why you may want to grow your business: to fulfill your professional goals, increase the value of your business, keep pace with the market or just reach a critical mass. By planning your business's growth, you'll have better control over it and meet your objectives.
Market research entails collecting detailed information about your customers, competition and market. The process involves gathering, sorting and analyzing data. You can then use this information to formulate your marketing plan and strategies.
Remember that the primary goal of solicitation is to convey a message to your target audience in order to make them want to buy your products or services. The purpose of a solicitation plan is to organize the way you market to your target audience.
You are the architect of your business acquisition project, so it's up to you to draw up the plans. Preparing a good business plan is an objective way of ensuring that the many pieces are in place, including the financing.
