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University of Maryland Cooperative Extension: Farm Business Planning

Over recent years we have made considerable progress towards understanding what drives innovation and how Government can help businesses develop innovative products and services. Through work like the Innovation Report 2003 and the Lambert Review of University and Business Collaboration 2003, the Department and others across Government have recognised the central role of technology and science in innovation and the UK’s long-term economic growth. Two notable policy responses have been the 10 Year Science and Innovation Framework and the Tax Credit for Research and Development. This analysis brings an additional perspective to our understanding of innovation and firm performance by focusing in particular on the roles of creativity and design | University of Maryland Cooperative Extension Farm Business Planning Authors Ben Beale Extension Educator University of Maryland St. Mary s County Shannon Dill Extension Educator University of Maryland Talbot County Dale Johnson Extension Specialist Farm Management University of Maryland Reviewers Ginger S. Myers Regional Extension Specialist Marketing University of Maryland College Park Laurie Wolinski Extension Associate Risk Management University of Delaware Wenfei Uva Ph.D. Agricultural Economic Development Specialist Mid-Shore Regional Council Farm Business Planning I MARYLAND COOPERATIVE EXTENSION UNIVERSITY OF MARYLAND COLLEflEnUW EUlHUItHaRE Table of Contents PAGE Foreword.4 Executive Summary.5 Mission and Goals .6 Background Information .8 Farm Strategy.14 SWOT Analysis .18 Marketing Strategy and Plan.28 Enterprise Analysis and Plan.34 Financial Plan.37 Implementation Strategy.45 Human Resource Plan .48 Resource Inventory .52 Appendix .56