In-Person Workshop 2 (6/20/23): Developing your Farm Viability Strategy
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In-Person Workshop 2: Developing your Farm Viability Strategy to Meet Your Personal Income Goals, Tuesday, June 20, 2023 from 9am to 1:30pm at the Waialua Sugar Mill Co-op Workspace 
During this final training workshop we'll use the knowledge of the group to help each cohort member set practial, S.M.A.R.T goals for their 2023 Annual Budget. We'll also provide a case study from a fellow cohort member demonstrating how to use create a monthly budget from your 2023 annual budget and Standard Operating Procedures (SOP) for comparing your projected budget and sales projections with your actuals. You'll walk away with SOPs and a Farm Viability Strategy, which will lay out a plan and for meeting quarterly and annual sales targets and staying within projected COGS and general expenses.
Workshop Objectives:
  • Now that you've finalized your annual sales & expense projection model, we'll break down each line into the monthly estimate so we can compare against real numbers each month in 2023. This is so that we can make operational decisions based on the numbers and plan for profit;
  • As part of this workshop will delve into strategic planning learning how to use the SWOT tool. This tool can help you define direction and set goals for the coming year;
  • Prepare to execute your own SWOT analysis. Learn a project management framework for turning goals into actions and outcomes (Red-Yellow-Green management tool);
  • Review your sales projections and set some goals based on your SWOT;
  • Turn your goals in to actions using the S.M.A.R.T framework;
  • Work with the cohort to make meaningful changes and committments.
What you should come prepared with:
  • Draft sales projections;
  • Draft P & L statement (or an estimate of income and expenses);
  • Draft of your 2023 annual budget.
What youʻll walk away with: 
  • Completion of your 2023 Annual Projected Budget;
  • Understanding of how to break your annual budget into a monthly budget for 2023;
  • SWOT analysis to help prioritize income streams, refine sales projections and strategies for growth;
  • S.M.A.R.T goals for reaching your sales projections and staying within projected spending on your budget; 
  • Work with the sensitivity analysis tab of the Budget Builder to run different scenarios of sales projections;
  • Standard Operating Procedures (SOP) for running monthly, quarterly and annaul reports and financial analaysis to compare your projected and actual budgets to track progress towards meeting your personal income goals;
  • [Bonus] Want to take what you've learned to the next level? As bonus work, try applying the KTC 10 Step Budget Building Tool to create a Five Year Projected Budget.

Workshop 2 Agenda:

  • 9am-10am: Using SWOT to Refine Sales Projections

      • Intro to SWOT analysis;
      • Group exercise using a SWOT framework to update sales projections;
      • Group Discussion: In developing sales projections, what larger questions came up about each income account? What priorities were identified through your SWOT analysis? Are you thinking about adding any new income accounts? Which income accounts have a low contribution margin? Will you drop any income accounts? What assumptions or actions do you want to talk through with the group?

    10am-11am: Refining Your Sales Projections

      • Demonstration on using the sensitivity tool to run sales projection scenarios;
      • Reminder of why it’s important to list assumptions and develop action plans for sales projections for each income account;
      • Individual work to refine your sales projections and list of assumptions and actions accompanying sales projections for each income account.

    11am-noon: [Working Lunch]: Refining Your Sales Projections

      • Demonstration for breaking your 2023 annual budget into a monthly budget;
      • Demonstration for running a Budget vs Actuals report;
      • Demonstration of key ratios on a P &L(focusing on COGS as % sales, Operating Expenses as % sales, Gross Margin).

    noon-1pm: [Working Lunch]: Developing Your Farm Business Viability Strategy

      • Update Income or Quality of Life Goals based on the Feasibility of the Sales Projections; -or-
      • Update Sales Projections to match Income or Quality of Life Goals;
      • Exercise to expand your list of assumptions and actions for reaching sales projections to also include actions for meeting your Income Goals for the next 5 years; 
      • Round Robin: Cohort Members Share What They Learned, Next Steps & Any Goals They’d Like Other Cohort Members to Help Hold them Accountable.

    1-1:30 pm: Mahalo & Celebration for all the Hard Work!

    • Evals!
    • Logistics for final honorarium payout;
    • Access to online tools and accounts;
    • Additional resources (e.g. HSBDC, List of Book Keepers etc.)