A recently developed publication outlines strategy and planning for livestock producers in a time of accelerating change.
South Dakota State University publication EC924, “Strategic and Scenario Planning in Ranching: Managing Risk in Dynamic Times,” is available at this link: http://agbiopubs.sdstate.edu/articles/EC924.pdf.
The publication is the second in a series and includes a Balanced Scorecard workbook that producers can use to develop their own strategic plans. The workbook is arranged over 10 steps:
Step 1: Assess current situation and inventory of ranch resources.
Step 2: Conduct a strengths, weaknesses, opportunities, and threats (SWOT) analysis.
Step 3: Establish a vision for the ranch business.
Step 4: Do an analysis of where the operation is and where the operators “dream of being” in the future.
Step 5: Develop alternative strategies to close the gap.
Step 6: Describe multiple scenarios.
Step 7: Select and evaluate the most-probable scenarios.
Step 8: Determine strategies with the highest likelihood of success.
Step 9: Implement the strategic plan.
Step 10: Monitor performance with the Balanced Scorecard.