Expert Says A Strategic Plan Is Vital For Producers

A strategic plan for producers, developed every five years, should be a key part of their risk management especially during dynamic times, according to Jack Davis with South Dakota State University Extension.

"Each year in between going our strategic planning we  probably want to do a scenario and go through some possible things that may happen," Davis said.

And that includes both positive and negative scenarios that could impact a producer's business.

"So if we're having positive things happen, what can we do to make sure we are able to take advantage of those items? And on the negative, how can we mitigate some of those risks that are out there?"

Davis added, brainstorming sessions or tabletop are suggested as ways to think about potential scenarios. He highly advised that these activities are done group style with family members, or key management personnel; breaking down specific assignments to each participant. 

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