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Risk management for farming

Last updated on March 10, 2022

It is important to plan for risk in all aspects of your farm business operation. These risks include:

production risks
market risks
financial risks
human resource risks
policy risks

Continually assess the security of your operation to reduce the probability and impact of adverse events

The Lower Mainland Horticultural Improvement Association's annual Growers' Short Course offers seminars on agricultural risk management. The following video recordings feature speakers from the 2017 seminars.

Transform Risk into Opportunity

David Hillson, ‘The Risk Doctor’ addresses each phase of the risk process to extend the scope and identify opportunities for your farm business.

Habits for Successful Farm Business

Keynote speaker, Larry Martin discusses lifelong learning using twenty first century tools and risk management to develop your habits as a successful farm business manager.

Questions to ask

As an agrifood business manager, it is helpful to consider the following questions to mitigate different types of risk.

Production risk

How well do you follow good production practices?
- Get information on good agricultural practices
- Get information about good food processing practices
Are you prepared to handle diseases and pests, food safety and traceabiity, machine readiness for operation, and labour availability?
Do you manage the production risk through government programs for the maximum benefit of your operation?
- Learn about Insurance & Income Protection Programs

Market risk

Do you have a marketing risk strategic plan and knowledge of marketing tools to deal with adverse market conditions?
Do you receive current and accurate market information?
Can you identify trends in prices?
- Learn more about developing markets
- Access marketing resources

Financial risk

How secure are your financial arrangements with lending agencies?
Will the current levels within your production insurance coverage meet your cash flow requirements?
What is the worst-case scenario for production loss?

Human resources risk

Do you have a plan to deal with loss of labour or management skills?
Have you implemented a human resources strategy?
- Learn how to develop a human resources plan

Policy risk

Are there national or international policies that will negatively affect your markets?
Do you have a plan to deal with changes in government policy and regulation?

Funding opportunities

Financial and advisory programs are available for agricultural producers.

View all B.C. Agriculture Programs

Emergency preparedness

Planning ahead for hazardous situations will help minimize negative impacts and speed recovery.

Manage and plan for emergencies on the farm

Contact information

Phone:
1-888-221-7141

Email:
AgriServiceBC@gov.bc.ca

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The B.C. Public Service acknowledges the territories of First Nations around B.C. and is grateful to carry out our work on these lands. We acknowledge the rights, interests, priorities, and concerns of all Indigenous Peoples - First Nations, Métis, and Inuit - respecting and acknowledging their distinct cultures, histories, rights, laws, and governments.

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