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Industry Reports

February 21, 2024

3 Steps Every Farmer Should Take for Profitable Farming in 2024

Let's face it, farming isn’t easy. Long days, unpredictable weather, and fluctuating market prices can make even the most seasoned farmer scratch their head. But fear not! By taking a few smart steps, you can transform your farm and boost your yields.

Here's the good news: we discuss these 3 simple steps  that would help you make informed decisions that boost your farm yield. 

1. Know Your Numbers: Data drives dollars, and of course, naira.

Keeping track of your income and expenses is crucial for understanding your farm's financial health. It helps you identify areas where you can cut costs or increase profits. A 2021 study by the World Bank found that smallholder farmers who track their finances and save, record an average income increase  4.3% to 24%. That's a pretty sweet reward for a little record-keeping, right?

Think of it like this: you know how you’d keep budget trackers or a savings plan when you need to keep track of your finances for a big purchase or make informed decisions to invest wisely. In the same vein, this data will be your golden ticket to making informed decisions and identifying areas for improvement. Start by:

  • Listing all your income sources: Crops sold, livestock earnings, government subsidies, etc.
  • Recording all your expenses: Seeds, fertilizers, equipment repairs, labor costs, etc.
  • Regularly reviewing your records: Identify areas for improvement, track progress over time.

Pro tip: Digital farming tools like ThriveAgric’s Fida platform helps you track finance, manage inventory and input, and analyze data, all in one convenient place. Check it out here.

2. Embrace Smart Technology (without necessarily becoming a tech bro)

Gone are the days of relying solely on gut instinct and weather proverbs. Today's farming world is full of smart technologies designed to make your life easier and your yields bigger. Think tools for weather forecasting, soil analysis, and even drone-powered crop monitoring. And you don’t necessarily have to be a tech bro to benefit from these technologies. Many platforms, like Fida by ThriveAgric, offer user-friendly apps and offline capabilities, making smart farming accessible to everyone.

Today, technology offers a treasure trove of tools to optimize your farm and maximize profits. Against popular myths, technology is here to help, not replace your expertise.

Think about:

  • Precision agriculture tools: Sensors that monitor soil moisture, nutrient levels, and pest threats, allowing for targeted interventions.
  • Data-driven platforms: Analyze weather patterns, track crop growth, and predict yields for informed decision-making.
  • Online marketplaces: Connect directly with buyers, bypassing middlemen and securing better prices.

3. Connect with Your Market Directly (and ditch the middlemen):

Middlemen can take a big bite out of your profits. Especially with all the other expenses to be made along the supply chain. So why not cut them out entirely? 

Platforms like Fida's Tradr connect you directly with buyers, allowing you to negotiate fairer prices and keep more of your hard-earned cash. This not only boosts your income but also builds stronger relationships and ensures you're getting the value your produce deserves. 

Bonus Tip: Don't go alone! Remember that old adage that says, “if you want to go fast, go alone. But if you want to go far and fast, go with others’?

Well, networking with other farmers is a goldmine of knowledge and support. Share experiences, learn from each other's successes and failures, and build a community that thrives together.

Ready to take your farming game to the next level?

Sign up for Fida by ThriveAgric today! 

We offer a suite of tools and resources designed to help you implement these 3 steps and more. From financial management to data-driven insights and direct market access, Fida empowers you to make smarter decisions, maximize your profits, and join a community of successful farmers.

Remember, a profitable future is just a few clicks away. Let's grow together!

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