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Question:
How can I make better decisions in an uncertain environment?
Category: Management | Topic: Business Management
Answered On: September 10, 2020
Answer:
The operating environment of Canadian producers has become increasingly complex over the past decade. And the COVID-19 pandemic is significantly adding to the uncertainty producers are facing.
To make the right decisions during these uncertain and complex times, it is important for Canadian producers to regularly perform business risk assessments.
To do so, Canadian farmers can use AgriShield, the first comprehensive risk assessment tool tailored to the needs of Canadian farmers. The tool can help farmers identify, assess, and prioritize farm risks and create an action plan to mitigate them.
In addition, there are government resources available to assist producers managing their business risks. The federal government offers Canadian producers three core Business Risk Management (BRM) programs: AgriStability, AgriInvest, and AgriInsurance. An overview of these programs along with case studies can be found here.
Lastly, with the growing risks associated with climate change, the AgriRecovery process can assist producers with the extraordinary costs associated with natural disasters.