As the growing season winds down, fall is the perfect time to step back and take a fresh look at your business plan. Whether you’re just starting out or have been farming for decades, revisiting your plan periodically can help you stay focused, prepare for funding opportunities, and set yourself up for success in the year ahead.
A strong business plan isn’t just a document for lenders or grant reviewers — it’s a roadmap that helps you make informed decisions about investments, marketing, and management. Here are five simple ways to strengthen your business plan before the year ends, with help from KCARD.
1. Review Your Goals and Reflect on the Year
Start by asking: Did your farm or food business meet the goals you set last year?
Take time to reflect on what worked, what didn’t, and what surprised you. Were your sales targets realistic? Did new products or markets perform as expected?
Updating your goals helps ensure your plan reflects your current priorities and realities. If you didn’t set formal goals last year, now is a great time to outline measurable objectives for next season, such as expanding your customer base, adding a value-added product, or improving recordkeeping.
KCARD’s Business Plan Development Guide includes a goal-setting worksheet to help you structure your short- and long-term objectives.
2. Refresh Your Financials
Accurate financial records are the backbone of every business plan. Review your income and expenses for the year, update your cash flow projections, and compare actual numbers to your budget.
Look for trends — are input costs rising? Are there opportunities to improve efficiency or pricing? Understanding your numbers will also make it easier to apply for grants, loans, or cost-share programs.
If your records are incomplete or confusing, KCARD can walk you through developing or updating financial statements and help you create realistic projections.
3. Revisit Your Target Market and Customers
Markets shift over time. Maybe your customers’ preferences have changed, or new local opportunities have emerged. Review your marketing section to ensure it still matches your customer base and product mix.
Ask yourself:
Who are my top buyers or customer segments now?
What’s my competitive advantage?
Are there new markets I should explore (wholesale, online, institutional)?
KCARD can help you analyze your market opportunities and refine your marketing strategy — from pricing to promotion — as part of your business plan review.
4. Evaluate Operations and Resources
Your business plan should evolve with your farm. Update details about your land base, equipment, and workforce. Did you add new enterprises this year or change production methods? Are there infrastructure upgrades or certifications on the horizon?
Documenting these changes helps paint a clear picture for lenders, partners, or investors and helps you prioritize future investments.
5. Prepare for Upcoming Funding Opportunities
Many grant and loan programs open early in the year, so it’s a good idea to be prepared by updating your information and understanding what costs you may have coming up in the next year. Having a complete, up-to-date business plan can give you a head start when application windows open.
KCARD regularly assists Kentucky producers with business planning and funding applications. By starting now, you’ll be ready to move quickly when new opportunities arise.
Need a Hand Getting Started?
KCARD provides free, confidential one-on-one assistance to Kentucky farmers, agribusinesses, and food entrepreneurs. Our staff can help you review or update your business plan, run financial projections, and strengthen your plan for grant or loan readiness.
Download KCARD’s Business Plan Development Guide for a step-by-step framework and templates to get started. Contact us at kcard@kcard.info or 859-550-3972 to get connected with a KCARD business development specialist.
A solid business plan isn’t something you write once and forget — it’s a living document that grows with your business. Taking time to revisit it before year’s end can give you clarity, confidence, and direction for the year ahead.