Enhancing farm management: strategies for the financial success of small and mid-sized crop farmers in Finland
Liao, Yi-Ping (2024)
2024
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https://urn.fi/URN:NBN:fi:amk-2024112830863
https://urn.fi/URN:NBN:fi:amk-2024112830863
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This paper examines how small and mid sized crop farmers in Finland can enhance their farm management skills to improve their financial performance. The research includes a review of farm management theories and applies the eight economic principles framework.
This study uses nine completed surveys and one interview to examine whether farmers with higher level of formal farm related education and access to farm management training achieve greater financial success. It also studies whether the ability to make timely and informed decisions, leads to better financial outcomes for small and mid sized crop farmers. Additionally, it explores if farmers with a clear long term vision for their farms, including strategic planning, are more likely to maintain financial stability and growth.
The findings show that a higher level of formal farm related education is not necessarily the key to achieving greater financial success. However, farm management training does contribute to improved financial performance. Furthermore, farmers with long term goals, strategic plans and the skill to make quick and well informed decisions tend to achieve better financial outcomes.
As a result, for small and mid sized crop farmers in Finland to achieve success, it is essential not only to set clear long term goals but also to implement pre budgeting, establish sales contracts with upstream clients and food producers, and incorporate risk control plans into the their strategies, while also seeking additional training. This approach can help farmers secure financial stability and lead to success in their farm operations.
This study uses nine completed surveys and one interview to examine whether farmers with higher level of formal farm related education and access to farm management training achieve greater financial success. It also studies whether the ability to make timely and informed decisions, leads to better financial outcomes for small and mid sized crop farmers. Additionally, it explores if farmers with a clear long term vision for their farms, including strategic planning, are more likely to maintain financial stability and growth.
The findings show that a higher level of formal farm related education is not necessarily the key to achieving greater financial success. However, farm management training does contribute to improved financial performance. Furthermore, farmers with long term goals, strategic plans and the skill to make quick and well informed decisions tend to achieve better financial outcomes.
As a result, for small and mid sized crop farmers in Finland to achieve success, it is essential not only to set clear long term goals but also to implement pre budgeting, establish sales contracts with upstream clients and food producers, and incorporate risk control plans into the their strategies, while also seeking additional training. This approach can help farmers secure financial stability and lead to success in their farm operations.