Personal And Business Success : Goal Setting Essay

Personal And Business Success : Goal Setting Essay

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In order to achieve both personal and business success, goal setting is a very important tool. It is part of a strategic planning process. Throughout the planning process goals should be constantly written and referred to, they should also be checked continuously to ensure the business is on the right track. During the time in which we got to spend at the dairy farm in Gippsland run by Annette and her husband Jim, she was able to describe to us some of the main goals they have, both business and family. Business goals are described as what you want from the farm business, some of these which Annette described included:
Generating an adequate and secure income to meet the needs of her family and employees.
Conducting business in both an ethical and fair manner.
Conserving natural resources and maintaining a healthy and sustainable environment.
And also providing an opportunity for her children to join the family business.
Not only did Annette have business goals in place, she also had some family goals. Some of these goals were:
For Annette and Jim to have the ability to spend as much time as possible with their kids.
And also to be able to enjoy leisure time as a family.
A resource is defined as something that is directly useful to a person or has value in some other way. On Annette’s dairy farm there are a number of resources which are vital to the running of her business. Some of the physical resources include:
$1.5 million worth of cows
Fertiliser Spreader
Hay feeders
1000 acres of land (valued at around $9000 per acre)
Skills and resources in employees are also very valuable to Annette, some of these include:
University experience and/or qualifications
Business management experience
Pasture manageme...

... middle of paper ... to the cows in late summer, e.g. maize.
Various factors contribute to the success of farmers in the dairy system. These factors range from production to management and marketing practices. Annette’s dairy farm is successful for many reasons, this is because she uses diverse production systems and has many measures to control the cost on her farm. She also uses various marketing strategies to source the highest profit level for her milk each year and even season.
On Annette’s dairy farm there are always risks in her day-to-day operations which have to be managed. Some of these include:
Technical risks, for example production and yield risks. Which are affected by climatic factors, diseases etc.
Financial risks. This includes changes in interest rates, ability to meet their debt repayments, their finance availability, and changes in the value of land prices etc.

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