Business Plan for an Agricultural Venture

Topics: Management, Strategic management, Business Pages: 17 (6373 words) Published: July 26, 2013

Charting the Way Forward through a Business Plan for Jokat Farms

There is a popular saying that “if you fail to plan: you plan to fail” (Simoneaux & Stroud, 2011, p. 92; Skripsky, 2002, p. 282). The Jokat Farms (JF) is a limited liability company which originated from my family’s undertaking of subsistence farming as a hobby, seven years ago. This farming venture, Jokat Farms, was incorporated and gained limited liability status only a year ago. The first two Directors of the company are my husband and I; and we aim at nurturing the company to becoming a major player in the agricultural sector of the Ghanaian economy. In view of the saying noted above, this project work offers me an opportunity to develop a comprehensive business plan as a means of charting the way forward for the company. Business Plan: A Means for Charting the Way Forward for Businesses Planning, according to Akoff (as cited by Drury, 2000, p. 545), is “the design of the desired future and the effective ways of bringing it about.” This definition tends to encapsulate the essence of putting forward a plan for one’s business. Likening such a plan to a Global Positioning System (GPS), Simoneaux and Stroud (2011, p. 92) noted that as the user of GPS is confident of not getting lost; so also is the user of a well documented business plan. This is because the plan assists the user in mapping out a journey for taking the company from where it is today to its intended destination by enabling the user to “identify the milestones, obstacles, and desired routes along the way,” (Simoneaux & Stroud, 2011, p. 92). The need for a business to have a plan cannot be overemphasized, for as pointed out by Barrow and Brown (2001, p. 6) “perhaps the most important step in launching any new venture or expanding an existing one is the construction of a business plan”. Skripsky (2002, p. 282), in buttressing this assertion noted that “a business plan is absolute necessity in today’s business climate.” For this reasons, the Jokat Farms cannot succeed in carving itself out as a major player within the agricultural sector of the Ghanaian economy without a business plan. In spelling out the main components of a business plan, Simoneaux and Stroud (2011, pp. 93-94) noted such major headings as (a) an executive summary, (b) company overview, (c) description of products and services, (d) market and competitor analysis, (e) company strategies, (f) management and personnel, and (g) financial review. Jokat Farms: An Intended Major Player in the Agricultural Sector Jokat Farms, as noted above originated as a hobby some seven years ago, and as its name implies, it is an actor in the agricultural sector of the Ghanaian economy. The company is the brain-child of John D. Abbeo (my husband), who conceived the idea for the establishment of a farm project during his Executive Master’s degree studies with the Ghana Institute of Management and Public Administration (GIMPA). Over this seven-year life, the venture has made investments in cash crops by engaging in the cultivation of cocoa, orange, and mango. From the perspective of livestock development; the company has established a piggery and poultry production farm. Whilst John Abbeo had a conception of establishing the company during his study, I have a conviction of developing a comprehensive business plan for the company in my engagement in a similar Master’s program with the same institution (GIMPA). The development of a business plan for this company is intended to be a comprehensive development of the company by way of its corporate philosophy (i.e., mission and vision), products and/or services concepts, marketing and competitive strategies, management and staffing requirements, and the financial plans of the company going forward. Methodology

In developing a business plan for Jokat Farms, a qualitative research methodology would be...

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