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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
4 Ways You Can Scale-up The Efficiency of Your Agricultural Business
Traditional agricultural practices have lost some of their importance over time. Nowadays, like every other economic sector, aspiring agricultural businesses need to reinvent the way they operate. A perfect balance between consumer engagement, deployment of technology, resource conservation, and trend analytics is required. Every day agricultural business owners are faced with daunting decisions that require exercising quality leadership. Operating on tight margins in a sector that has endured seismic shifts is difficult.
A heightened agricultural efficiency requires a keen insight of market trends and consumer perceptions, and this comes with seeking planning and research advice from seasoned agricultural research companies like Ag Access. If you are looking to scale-up the productivity and efficiency of your agricultural business, this blog will help you do so.
Find Your Competitive Edge
In a nutshell, finding your competitive edge requires you to focus on a specific niche. This decision is affected by a multitude of factors such as topographical conditions, climate, soil quality, and expertise. Staying within your comfort zone is advised when it comes to agriculture businesses because this allows you to channel your energies into cost-saving methods, without having to spend time on researching new processes.
Finding your competitive edge serves two important tasks: firstly, it allows you to stay highly competitive in a competitive market. It also allows you to build a brand image for yourself because you consistently deliver the same quality of crops.
Adopt Tech-based Productivity Solutions
Modern tech has revolutionized agricultural output. Incorporating tech-based productivity-boosting solutions can do wonders to scale up the efficiency of your agricultural business. The economic merit behind this assertion is simple: when you generate a greater output, the fixed costs are divided into a much larger numeric field. This brings down the cost of production per unit and allows you to generate more capital for further expansion.
This shift doesn’t have to be a dramatic one. You can smartly mechanize parts of your production regime according to the 80-20 rule. Identify the sector of operations that is responsible for 80 percent of your business productivity and deploy an automated solution for that first.
Diversify Your Services
The best thing about an agriculture business is the potential of diversification. Whether that’s crop farming, cattle rearing, or poultry farming, every agricultural domain has a similar set of practices and requires basic agricultural acumen. If you are already running an agricultural business, you can use the already established technical acumen and knowledge of operational procedures to add another setup to your portfolio.
Diversification allows you to fortify against risk. When you only operate in one business domain, if it is hit by a major setback, you are highly likely to lose the capital investment. This can be devastating for your livelihood. Diversification is the future.
Integrate Agricultural Services
If you are currently in the poultry farming business, then you can quickly integrate your organization by starting a chicken processing facility, or even a feed unit. The possibilities are endless.
You have the option to tread forward or backward, depending on what you desire. An integrated system of cattle rearing involves three tiers: milk processing, butchering, and tanning of the hide. You can study and replicate the same for your own business.
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