South Dakota Center for Farm / Ranch Management

Mitchell Technical College’s Farm Business Management program is unique because it is individualized. Most instruction is conducted one-on-one with the instructor and the farm operator participating at the farm site. The participants keep records of their own business, which are later analyzed and utilized to develop a comprehensive farm business plan. Participants receive cost comparison figures from across the state, which help in determining factors that can improve profitability. Only during individualized instruction are business records discussed, unless otherwise volunteered. Benefits to the participants of the program include: complete records of past years to review when making management decisions; records needed for filing yearly tax reports; development of a record management system for use with bankers and lending agencies; an increased knowledge of the strengths and weaknesses of the business; the ability to determine the business’s exact financial progress in any one year; an ability to project profitability of individual enterprises; and development of a working understanding of cash flow, net worth, and profit and loss statements.