The Center for Profitable Agriculture, a program of University of Tennessee Extension and the Tennessee Farm Bureau Federation, is partnering with the Kentucky Center for Agriculture and Rural Development (KCARD) in an educational pilot project that focuses on detailed analyses of business operations.
KCARD and the Center for Profitable Agriculture will collaborate to perform a detailed business management operations analysis (BMOA) for a selected farm-based, value-added business in Tennessee. Value-added operations add a retail-based component to their business like retail sales of processed meats, cheese or wine or agritourism activities.
BMOA is a service that KCARD offers to businesses in Kentucky but which is not currently offered in Tennessee. It includes a comprehensive study of an existing business’s overall operations. “The objective is to identify essential information to use in planning for the future of the business including strengths, weaknesses, opportunities and threats,” said Rob Holland, director of the Center for Profitable Agriculture. The weeklong study includes a detailed investigation into the financial records of the business and interviews with management, employees, customers and other key personnel.
“The idea is to give us in the CPA first-hand experience with the BMOA program,” said Holland. “The results of the BMOA will be summarized in a written report and a verbal report will also be presented to participating business owners,” he explained.
“We worked with the Kentucky Center about 10 years ago on a cooperative development project, so we are familiar with each other’s programs,” said Holland.
“Collaborating with KCARD in the pilot project will allow us to learn how to conduct the program and help us determine how we want to proceed in offering similar services in the future,” Holland added.
The pilot project is slated for completion in July.
UT Extension provides a gateway to the University of Tennessee as the outreach unit of the UT Institute of Agriculture. With an office in every Tennessee county, UT Extension delivers educational programs and research-based information to citizens throughout the state. In cooperation with Tennessee State University, UT Extension works with farmers, families, youth and communities to improve lives by addressing problems and issues at the local, state and national levels.
Source:tennessee.edu