A strong marketing plan is the key for success for farmers dealing with depressed prices, according to the American Bankers Association.

A tip-sheet released by the association offers farmers a few simple tips to develop and maintain a solid marketing plan. "A well-developed marketing plan can take some of the price risk off the table, which is especially important in today's ag economy," according to an ABA spokesperson.

For farmers, ABA says you should know your break-even costs, act on opportunity to profit, set and stick to goals, remove emotion from marketing, keep things simple, avoid spot markets and understand the tools available to you.

The information was developed by the ABA Agricultural and Rural Bankers Committee. The Association released the tips in conjunction with its National Agricultural Bankers Conference held in Omaha, Nebraska.

Source:  NAFB news

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