and career development opportunities.
Criteria for Eligible Learning Activities (Training)
The objective of the Farm Business Development Initiative is to assist farmers to adopt progressive farm business management practices and strategies in nine areas – business strategies, marketing, production economics, human resources, financial management, succession planning, business structure, risk assessment and the environment.
"Progressive Farm Business Management Practices" is the term used to describe those practices that produce outstanding results in the accomplishment of business goals.
Courses related to production and non-farm related training will not be eligible for financial benefits under the FBDI.
In order to be eligible, training courses for the FBDI must be farm related and have a curriculum that improves farm business management practices in at least one of the nine farm business management areas:
1.) Business Strategy:
Description – Business Strategy requires the understanding of facilitation techniques, identifying a business vision and purpose, completing a SWOT Analysis and preparing Specific, Measurable, Achievable, Realistic and Time frame SMART (Specific Measurable Attainable Realistic Time) Goals for the farm business and family.
Examples of Eligible Courses – Courses related to understanding and skill development in the strategic planning process and facilitation techniques. This includes identifying business objectives and goals. This will lead to the preparation of a goal directed farm business management plan.
2.) Marketing Strategy:
Description – Marketing Strategy requires the understanding of price, product, placement, and promotion of farm production in relation to the competitive environment.
Examples of Eligible Courses – Courses related to improving farm business management practices in the areas of writing the market plan, marketing strategies for farm products, marketing development (i.e. export development), and assessing market opportunities.
3.) Production Economics:
Description – Production Economics requires the understanding of the financial impact of various production decisions of a farm business. This includes cost management, understanding cost of production, enterprise analysis, production strategies, environmental impacts and regulations that may impact the financial performance of the business. Also included are production or work schedules and performance measurements.
Examples of Eligible Courses – Courses related to understanding the financial and management impact of production decisions. These could include economic planning or analysis of production decisions on an enterprise or on the performance of the entire farm.
Examples of Non Eligible Courses – Non farm training, production related training (a significant portion of the curriculum must be related to economics or farm management to be eligible).
4.) Human Resources:
Description – Human Resources requires the understanding of how the organization will meet its current and future HR needs and how people will be supported and nurtured within the farm business.
Examples of Eligible Courses – Courses related to improving farm business management practices in the areas of HR management and planning, effective communication/delegation/training, leadership skills, team building, recruitment and retention of qualified staff.
5.) Financial Management:
Description – Financial Management requires the understanding of components and analysis of a typical farm financial statement. Knowledge of financial management components such as Net Worth, production and marketing plans, cash flow, debt service, accrued income, historical and ratio analysis would be valuable.
Examples of Eligible Courses – Courses related to book keeping and preparation or understanding farm financial statements.
Examples of Non Eligible Courses – Off farm investment, income tax preparation
6.) Environmental Strategy:
Description – Environmental Strategy requires the understanding of a process and components in developing an Environmental Farm Plan. The training should include identifying all the environmental concerns and possible options to mitigate any risks.
Examples of Eligible Courses – Courses related to improving Environmental Farm Business Management practices.
7.) Succession Planning:
Description – Succession Planning requires the understanding of a process and the critical issues involved in transferring labour, management and ownership of farm assets to the next generation. Succession Planning requires identification of strategic actions for retirement, implementation and contingency planning.
Examples of Eligible Courses – Courses related to understanding a succession planning process and clarification of the many options available for dealing with the critical issues. This could include some facilitation skill development.
8.) Business Structures:
Description – Business Structures requires the understanding of all the ownership options available and the advantages and disadvantages of each farm business structure. This should include taxation, liability, ownership, human resource issues and an exit strategy.
Examples of Eligible Courses – Courses related to understanding all of the above issues.
9.) Risk Management:
Description – Risk management requires the understanding of risk factors facing farm businesses, including how to assess the probability of risk and techniques to mitigate risk.
Examples of Eligible Courses – Courses related to improving farm business management practices in the areas of understanding risks, risk mitigation techniques and strategies.
10.) Learning Activity Application Form