The best way to become a more profitable farmer is to rub elbows with people who share similar ambitions, according to consultants and economists.
That doesn’t mean shooting the breeze with a successful neighbour at the local coffee shop.
Producers need to expose themselves to new ideas, fresh opinions from farmers in different regions of the country or those specializing in an entirely different commodity.
They have to place themselves in uncomfortable settings where people challenge their preconceived notions.
Above all, they have to extricate themselves from those self-affirming coffee row conversations.
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“A lot of people have the tendency to hang around with people who they commiserate with and all they do is pull each other down,” said Danny Klinefelter, an extension economist at Texas A&M University who teaches courses on profitable farming.
He encouraged producers who are serious about improving their bottom lines to get out of their comfort zone.
John Coté and his wife Barb Stefanyshyn-Coté are taking that advice to the extreme. The couple and their four children are planning a two-year sabbatical from farming to rub elbows with farmers in South America.
Renting out their 3,000 acres and moving to a foreign country wasn’t a whimsical decision; it is part of the couple’s strategic plan for their farm at Leask, Sask.
“With the experience we hope to end up making more money farming and have a better lifestyle farming,” Coté said.
They are convinced that learning a new language and exposing themselves to one of the hottest agricultural regions in the world will help them better compete in the increasingly global farming sector.
The couple hopes to set up a non-production related agribusiness in Chile or Uruguay to help spread out the risks on their farm in Saskatchewan.
For farmers who are not as adventurous, there are less risky ways to grow and learn through an expanding number of management courses and consulting services.
One of the many training options available is a program called Canadian Total Excellence in Agricultural Management, which is offered by the George Morris Centre in Guelph, Ont.
For a $5,000 fee, registrants learn how to become one of Canada’s top farmers during four five-day modules delivered over 18 months.
One of the program’s stipulations is that neighbours are not allowed to attend the same course to prevent information shared in the modules from getting back to the community, said George Morris chief executive officer Larry Martin.
That one important rule provides participants with the freedom to speak about their farms without facing social repercussions.
“You don’t have this typical thing of you can’t talk about being successful because you’re not supposed to do that in your community,” Martin said.
Pike Management Group has built similar confidentiality requirements into its mentoring and coaching service.
For an annual membership fee of $3,000, the group provides producers with access to its network of AgCoaches, farmers who have been through a training program and who use management strategies and proprietary software to help young crop and livestock producers set benchmarks, manage price risks and improve cash flow on their farms.
Another option is Canadian Farm Business Advisory Services, a federal government program that provides producers with up to five days of agricultural consulting for $100.
Producers choose from a list of qualified farm management consultants who review their financial records and provide them with an action plan for increasing their farm profitability.
“Farmers should leave that (program) with a really good understanding of their financial situation and where their business is headed,” said Terry Betker, director of practice development for agriculture at Meyers Norris Penny, one of the firms authorized to deliver the service.
5 characteristics of a profitable farmer
- They are in continuous learning mode.
- They are innovators and adapters.
- They are blessed with a great sense of timing.
- They are comfortable being in a process of continual change.
- They have a relentless competitive drive.
