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FARMING INDUSTRY TOOLKIT


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The world-renowned economist, Paul Romer, once underlined the significant influence of agricultural productivity on the global economy when he noted, "Historically, improvements in farm productivity have freed up labor to build cities." As imperatively important is the Farming Industry to the global economy, so it does require Strategic Management to ensure it achieves Operational Excellence and drive economic growth. This article presents key principles, best practices, and unique insights germane to the strategic management of the Farming Industry.

The Farming Industry: A Fertile Ground for Strategic Management

The essence of strategic management—developing and implementing strategies to meet organizational goals—applies to all industries, including agriculture. In the Farming Industry, Strategic Management involves series of decision-making processes that aim at the general improvement of farming through the effective utilization of resources.

According to a study by McKinsey, strategic management in the Farming Industry can result in up to 20% increase in productivity. This buttresses the essence of effective leadership, strategy development, and risk management towards achieving organizational and industry-wide goals.

Key Principles of Strategic Management in the Farming Industry

Several principles inform the application of Strategic Management in the Farming Industry. These critical principles can be harnessed to drive innovation, operational excellence, and overall business transformation:

  1. Resource-Driven Strategy: This principle gives prominence to the efficient utilization of available resources. The goal is to minimize waste and improve productivity, making it an essential practice for sustainable farming.
  2. Profit-Centered Approach: Profit is the ultimate goal of any business venture. In the farming industry, strategic decisions should hinge on their potentials for increasing profit margins.

Best Practices for the Farming Industry

The following are some of the best practices derived from the successful application of strategic management by industry leaders and giants:

Unique Insights for C-Level Executives in the Farming Industry

With the understanding of key principles and best practices comes the realization of unique insights for the C-suite. Listed below are insights from thought leaders and consulting firms:




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