3 opportunities to grow your farm’s success

(NC) Farming has a romantic image, but in reality it’s also an industry that needs to manage growth and opportunity like any other. As Canada’s agriculture sector navigates a changing world, here are three areas where your farm could be ready to grow to the next level:

Feeding a growing global market. Canada has a well-deserved reputation as a breadbasket, with our farms’ wheat exports coming in only behind Russia and Australia. But new opportunities are appearing on the world stage that may grow farmers’ earnings on a more diverse range of crops.

For instance, India’s economy and standard of living are both rising rapidly. There’s an expanding market there, and throughout South and Southeast Asia, for high-quality plant-based proteins, like Canadian soybeans, peas and lentils. There’s also more demand for biofuels in the region, which is great news if you’re considering planting more oilseed crops.

Filling supply gaps at home. If you’re looking to focus more on growing fruits and vegetables, or just avoid trade uncertainty, there’s ample opportunity to grow your sales right here. Did you know that to meet current domestic demand, fruit production would need to be five times higher than it is right now, or that vegetable production would need to double?

Investing in technology can be an important part of your business growth. Greenhouses in particular are more advanced than ever in Canada, with farmers and scientists experimenting with new lighting, irrigation and diffusing glass to boost yields.

Planning for sustainable growth. No business can profit in the long term if it’s not doing business sustainably. For farmers, that means taking advantage of available knowledge and resources.

“Farmers work hard at creating plans to grow their business sustainably, which can mean economically, environmentally as well as socially,” says Lorna McKercher, national director, agriculture at RBC. “Financial institutions are working alongside them to help with strategies for managing their risk while planning their growth.”

It also means gearing your farm to use fewer resources to produce more food. Canadian farms have a track record of sustainability—for instance, we have one of the lower levels of freshwater use for agriculture, at 11 per cent.

Whether you’re looking close to home or abroad, there are opportunities waiting for your farm to grow in new ways. With the right planning and support, you’ll be ready to meet them.