Farm Table says:
This fact sheet produced by Utah State University looks at how ball games help explain the risks of agriculture.
Juggling Your Roles – farmers and ranchers, like all business owners, face various risks. What makes agriculture unique is the wide variety of risks we face. To get a better handle on managing these risks, it’s easier to think of them as falling into one of five general areas, with each area represented by a ball:
- Production – basketball
- Marketing – football
- Legal/Institutional – baseball
- Human Relations – playground ball
- Financial – soccer ball
The key sections are:
- Production: Advanced Strategy Demands Specialized Skills
- The Market: A Good Return, or Sacked for a Loss
- Legal/Institutional Challenges: Playing Hardball
- Human Relations: The Games People Play
- Finances: Is It All Hands-Off?
- First Things First: General Principles
- A Winning Attitude: You Have to Love the Game
In conclusion, trying to successfully manage all FIVE areas of risk is like trying to juggle all five of these balls or to be a smashing success in five different sports. It’s next to impossible.
Get a risk management game plan in place.