Meakin Enterprises: Balancing Risks in the Agriculture Industry

Introduction 

Meakin Enterprises is made up of two organizations Meakin Farms Inc., which specializes in the farming business, and Meakin Industrial Ag Corp., which specializes in the trucking business. Meakin Enterprises operates within the agriculture industry in Canada. Both of the organizations under Meakin Enterprises are highly viable. However, the agriculture industry demonstrates a high degree of uncertainty, which makes proper planning and implementation of sustainable strategic decisions crucial, particularly with the unique structure of the businesses involved. This report majorly focuses on the strategic decisions about the size and growth of Meaking Enterprises' farming business. Specifically, the story explores the key risks emanating from the environmental uncertainty that face Meakin Enterprises in a bid to help David Meakin, the owner of the firm, to identify a suitable strategic direction that would assist in balancing the size and scope of the two organizations, while taking into account the environmental risks. The report will include an issues identification section, background of the case, a situational analysis, strategic alternatives, recommendations, and an implementation plan. 

Issues Identification 

The major issues that emerge from the case emanate from the effects of the changing business environment. The first issues are whether Meakin should maintain the farm size at 3200 seeded acres as in 2016 or increases the seeded farm size to 4000 acres, which is the size that he farmed in the year 2015 (Case & Kalesnikoff, 2017). The other issue pertains to whether he should contract, expand, or maintain the current levels of business in the trucking business. The final question concerns whether Meakin should broaden both operations or contact one activity to allow for the expansion of the other. The ideal strategic option from the perspective of the issues presented is mainly dependent on the benefits and risks that emanate from the changing business environment. 

The business environment within which Meaking Enterprises operates is highly dynamic and uncertain following the high risks that face the agricultural sector. The agriculture industry, which mainly affects farming practices, faces various threats, including supply chain risks, marketing dangers, weather and pests, the rising value of farmland, cash flow crisis, and the shortage of skilled labor. One of the approaches that Meakin has implemented in Meakin Farms is crop rotation to overcome challenges relating to the unpredictability of weather patterns and issues relating to soil enrichment for higher productivity (Mohler & Johnson, 2009). The crop selection process, however, faces significant challenges concerning the supply chain or sourcing of inputs following the changing commodity prices and crop inputs. 

Out of the farm inputs utilized at Meakin Enterprises, fertilizer, which is a crucial commodity in the production of all the crops, is ranked as the most expensive. Further, the process of selecting the ideal plant for the farm is challenging since it requires clear comparison of the costs associated with each crop, the potential revenue that the crop can yield, as well as the status of the farm, particularly regarding crop rotation. For instance, Meakin faces a tough period in deciding whether to plant wheat or canola since wheat is cheaper to produce than canola. However, although the seed, fertilizer and chemical requirements for canola are significantly high, the crop’s selling price is higher than that of wheat. 

Another risk that Meakin Enterprises faces concerns the marketing of commodities. Meakin Farms operates in a highly competitive environment that requires the provision of high-quality products to the market at fair prices for a firm to remain relevant in the market and generate desirable returns. To achieve this objective, there is a need to lower production risks and focus on producing high-grade commodities so that a firm can capitalize on its production potential. Farmers are mainly faced with the challenge of ensuring that their products are appealing to both the final consumers and intermediaries (Case & Kalesnikoff, 2017). Some of the measures that farmers differentiate their commodities to match the preferences of the customers include the production of new crops and crop varieties as well as ensuring that they attain premium grade quality crops. One of the movements that have shown great potential in yielding price premiums for farmers is the organic movement; however, the persistence of great misinformation about the same led to questions about the potential profitability as well organic production land use. 

However, the critical challenge that firms in the agriculture industry face is that the final markets for agricultural commodities vary yearly. New markets also emerge each year, and each market's demand or needs may differ from the requirements of other markets. For instance, the case highlights that while only a small proportion of the total canola produced in Canada was used locally, 90% of the commodity was exported to such markets as the United States, the European Union, and Mexico, which use it to develop biodiesel, and Japan and China, which use canola for the production of edible oils. Canada also exports peas to China, India, and Bangladesh, while wheat is mainly exported to Nigeria, Indonesia, China, Bangladesh, Mexico, Colombia, Peru, and the United States (Case & Kalesnikoff, 2017). One of the measures that have helped farmers in Canada to reach a broader market in a bid to overcome the challenges of local competition is the consolidation of inland terminals to allow for the transportation of commodities from the farms and eventually reach the international markets. However, this approach became inefficient since it utilized a rail system, an oligopoly, which made scheduling of grain cars problematic and forcing farmers to incur extra costs in the form of storage since they had to make considerable investments in grain storage. 

Weather and pests are also necessary risks facing the production of crops at Meakin Enterprises. Farming of crops is primarily affected by such factors as extreme temperatures, damaging winds, excessive rains or drought, and hail among others. Over the years, farmers, including Meaking Farms have invested in measures to mitigate the effects of weather and pests, including selecting plant varieties that are resistant to pests or those that can withstand extreme weather conditions, crop rotation, entering into production contracts, and taking insurance cover for their investment in the farms. However, the environmental uncertainty relating to pests and weather persists. Moreover, the measures are taken to mitigate the destruction of crops, including the more effective modern herbicides are linked with other adverse effects, including cost implications since they are expensive, as well as ecological impacts, such as destroying the environment. 

Another risk that Meakin is facing is the rising value of farmland. Competing firms are growing every day regarding size; hence, Meakin should focus on achieving a land size that enables him to compete with other firms effectively. One of the approaches that Meakin has implemented to make this objective is utilizing bought and leased land. To maintain an ideal land base, there is a need for massive capital expenditure, which necessitates Meakin to borrow long-term debt to finance the operations of the farm following the limited resources. However, buying and leasing land has become a key challenge for Meakin due to the significant increase in the prices of land for the past decade (Case & Kalesnikoff, 2017). Land prices are increasingly becoming prohibitive, posing a central challenge to Meaking who is seeking to increase his land base. This has further contributed to the buy-lease debate; however, leasing land is no longer viewed as the cheaper option since, although it lowers the risks associated with purchasing property, it inhibits capital appreciation and poses a significant challenge for both landlords and farmers regarding determining lease prices. These factors expose farmers to unstable land lease rates, which indicate potential losses or increased costs in the future. 

The agriculture industry also faces the challenge of skilled labor shortages. The shortages mainly emanate from the fact that most of the people who grow up on farms rarely return after education since they pursue other occupations other than farming. Moreover, operating farm equipment is a challenging task, and only a few people match the required qualifications to operate the equipment. On the other hand, the shortage of skilled labor emanates from the fact that the majority of people engaged in farming maintain off-the-farm occupations to alleviate the industry risks, which include cash flow concerns and crop failures ( Heller, 2017) . The final risk facing the agriculture industry is the cash flow crisis. Cash flow problems in farming originate from the fact that farmers incur both the fixed and variable expenses before they can realize revenues. Hence, any reductions in revenue as a result of crop failure or lower commodity prices directly affect the operating income of the farm operations with no or little decrease in expenses. 

The impact of weather and a shortage of skilled labor are the two significant factors that affect both the agriculture industry and the trucking industry ( OECD, 2004) . Weather affects the profitability of both sectors, since the drought, wind, excessive rain, and hail among others that lower crop production also leads to lower demand for grain hauling services and grain bins among other services that the trucking industry offers. On the other hand, hiring qualified drivers to drive a large truck remains a crucial challenge since the demand for the drivers fluctuates from season to season or monthly. 

Background 

Daved Meakin started Meakin Enterprises in 2005 after quitting his job as an engineer to follow his passion for farming. The first organization that Meakin set up was Meakin Farms, which is engaged in the production of crops. At the start of his farming career, Meakin suffered a significant setback in that he had to start farming from scratch by buying land since the family land had already been sold due to favorable land prices and the lack of an identified successor (Case & Kalesnikoff, 2017). However, he managed to purchase a piece of land from his grandmother and rented some property to start the farming operations. The primary goal of Meakin Enterprise is to compete favorably in the market through cost reduction and maximization of revenue. A critical approach that Meakin utilized to achieve this objective is buying and leasing more land to increase the firm’s total land base so that it could compete effectively with other larger farms. Meakin attained the highest land base in 2015 when the whole land under use was 3840 acres. 

Meakin Enterprises adopts a growth strategy, where the company’s short-term goals involve maximization of revenue through the expansion of the firm’s operations, while the long-term goal of the company is to be a market leader by providing appropriate commodities to the market at fair prices as well as providing other farmers with crucial services through the trucking operations. The company’s operations are divided into two major categories, farming, and trucking operations. The farming operations comprise of land lease or buy decisions, crop choices, utilization of equipment, human resources, and financing decisions. At the beginning of its operations, the primary task that faced Meakin Enterprises was acquiring land amidst the high prices of land. However, the capital appreciation of the existing land allowed for leveraging of more finance (Case & Kalesnikoff, 2017). The high land prices limited Meakin's ability to lease or buy more land, a factor that also contributed to the fluctuation of seeded land between 2014 and 2016 since the proportions of the property owned and leased kept on changing. 

The crop choice decisions pertain to the selection of the ideal crop to plant regarding production costs and the prices of the commodity in the market. Similar to other farms in the region, Meakin Farms produced different varieties of a crop, including wheat, canola, and field peas. Farming practices of each crop are particularly examined before making the best crop choice; this was crucial since each crop's farming practices influence the number of costs that the farmer incurs in the production process. Crop choices also play a critical role in the reduction of the impact of pests, weeds (Alford, 2008). Hence, making the right decision concerning crop rotation is considered essential in maintaining high crop yield. Equipment utilization, on the other hand, involves the manner in which farm equipment is utilized. In 2015, the older farm equipment was being used in farming over 3800 acres, indicating that the equipment was stretched to the limit. However, in 2016, the equipment was underutilized since the yields were primarily affected by hail. A critical decision involves whether to increase the size of the farm to reach 4000. Increasing the size of the farm would, however, necessitate an additional investment to acquire other harvesting equipment and seedling. 

Human resources pertain to the labor requirements of the farm. Similar to other farms, Meakin Enterprises relies on both family and seasonal labor. Meakin, the owner of the farm, plays a critical role in the farm since he is entirely engaged in the operations of the company, where he splits his time between managing the trucking operations and the farm operations. The significant risk that the company faces through Meakin's engagement in the primary services of the company is that in the event of death or injury, the company’s operations are most likely to fail. Finally, the financing operations involve the manner in which equipment and farmland are financed at the farm. Since Meakin started the farming from scratch, having not inherited any land, he was forced to finance the critical operations of the farm through long-term debt. Servicing long-term debt necessitates cash flow, which hinders growth to a great extent since it results in high levels of bank and credit indebtedness. 

The second category of the company’s operations, trucking operations, comprises of such activities as hauling, management of human resources, financing, and marketing. Meakin Industrial provides several hauling services to other farmers, which also play a crucial role in generating additional income for the company. The facilities include bin hauling, grain hauling, and seed, fertilizer, and chemical hauling services. The human resources operations in the hauling business face similar challenges with the farming operations due to the seasonality of the hauling business. The hauling business requires highly skilled employees, where the employees handling chemicals should undergo training on handling hazardous material, while large truck drivers should possess a Class 1 license. 

Further, the hauling operations require permits, which indicate that the company’s management spends a considerable amount of time in the coordination of deliveries, making arrangements for the lifting of power lines, and securing permits. Financing operations, on the other hand, relate to the acquisition and allocation of resources as per the needs of the hauling business. Given the cost of financing the equipment required in the trucking business is relatively high due to the high interest rates, the majority of the trucks are financed through bank debt while trailers are mainly leased (Case & Kalesnikoff, 2017). Finally, the marketing activities in the hauling business involve informing potential customers about the services that the company offers. Meakin Enterprises majorly utilizes word-of-mouth to reach out to customers and branding, where all the trucks are marked, ‘Meakin Industrial Ag’ for easy recognition of the company. 

Meakin Enterprises strategy is a growth strategy, which the company pursues through the expansion of services to other farmers as well as through increasing the seeded land by either buying or leasing. The company’s current strategy is appropriate because other farms are growing concerning size, a factor that makes it essential for Meaken to focus on growth so that it can compete effectively with the other farms. This is particularly the case since working towards growth will enable the company to benefit from both the economies of scale and scope and be in a position to lower its costs so that it can offer its products and services to the market at competitive prices ( Otsuka, 2013) . The company also currently possesses a key strength in its competitive advantage. 

The company’s current competitive advantage lies in its provision of hauling services. The case mentions that the company offers diverse hauling services to the farmers, an opportunity that Meakin identified as a competitive edge. The provision of pulling services requires a high level of skill and competence that the majority of the other farmers lack. Meakin, with his professional engineering skills, possesses a competitive edge over the competitors in providing such services as equipment repairs, servicing, modifications, and grain hauling, which are additional sources of income for the company. Moreover, the extra income plays a crucial role in granting the company the required financial flexibility to be able to compete effectively in the industry. 

Situational Analysis 

According to Marmol, Feys, and Probert (2015), a situational analysis refers to the methods that managers utilize in analyzing the internal and external environment of an organization with the aim of understanding the business environment, customers, and the capabilities of an organization. This further plays a vital role in the establishment and implementation of viable strategic options to drive an organization’s business, particularly in the highly competitive markets. In conducting the situational analysis for Meaking Enterprises the PESTEL analysis and the SWOT are the essential tools that have been applied. 

PESTEL Analysis 

The PESTEL analysis is a tool used in monitoring and analyzing the external or the macro environment of a firm, which includes the factors that impact the firm irrespective of the fact that it lacks control over them. The PESTEL analysis considers the political considerations, economic factors, socio-cultural factors, technological factors, environmental, and legal factors. 

Political Factors 

The main political factor that affects Meakin Enterprises is the NAFTA agreement. NAFTA is currently being discussed, and the results of the discussion are likely to bring about dramatic changes to the agriculture industry both locally and internationally. For instance, if NAFTA is dissolved, the markets found south of the border will be closed, which is a negative impact to the company, as its market share would have been significantly reduced ( Caliendo & Parro, 2015) . Conversely, the dissolution of NAFTA would present a positive impact in that it would eliminate competition from North America. 

Economic Factors 

Processing of crops in Canada is extensively dominated by a few multinational firms, which significantly minimizes the farmers' negotiation power ( Buckley & Casson, 2016) . Meakin Enterprises possesses a limited ability to negotiate for better prices and terms following the massive dominance of the multinationals in food processing activities. 

Socio-cultural factors 

Presently, there is an actively growing trend in the market, where consumers prefer organic based products ( Aschemann-Witzel, 2015) . The pattern is expected to grow and become stronger in the coming years. This poses a pivotal threat to Meakin Enterprises since the company is not engaged in the production of organic products. Moreover, the agriculture industry is facing tremendous shortages of skilled labor following too many requirements for class 1 drivers, the high availability of well-paying jobs, particularly in the oil and gas industry, and the fact that the majority of the young people prefer and are encouraged to pursue other occupations. 

Technological Factors 

Technology is fast changing, and as a result, modern technology in farming is quickly replacing the older equipment since it is more efficient ( Emerick et al., 2016) . This poses a central challenge to Meakin Enterprises since the company is required to keep up with the fast-changing technology. This presents enormous cost implications for the company since the older equipment becomes obsolete quickly and the company needed acquiring new material, which is relatively expensive. 

Environmental Factors 

The ‘Go green' movement concerning the manner in which farmers produce crops, including the use of fungicides, herbicides, and pesticides has started impacting the way the public perceives food production. Some members of the public have started embracing homesteading in a bid to ensure that they consume healthy foods that are free of chemicals, which some lobby groups associate with causing such diseases as cancer (Wheeler, 2002) This has a negative impact in Meakin Enterprises since if more people embrace the move to produce their food; the company’s market will significantly decline. 

Legal Factors 

The industry within which the company operates faces high exposure to legal liabilities since employees work in a highly dangerous environment. For instance, employees are at high risk of exposure to hazardous chemicals or injury from the farm equipment and machinery. 

SWOT Analysis 

The SWOT analysis is an instrument that helps in examining a firm’s internal environment for purposes of strategic planning (Sarsby, 2016). The tool plays a critical role in helping managers to identify a company's strengths, weaknesses, opportunities, and threats concerning project planning or business competition. 

Strengths 

Meakin Enterprises possesses several strengths that can give the company a competitive edge over its competitors. The first strength is business diversification. Meakin Enterprises engages in both crop production and hauling services unlike other similar firms, which are only involved in crop production. The second strength is the availability of land for farming, which can be acquired through buying or leasing. The company also possesses strong interpersonal and business relationship, where other farms are primarily dependent on it for hauling services. Moreover, the company focuses on profitable crop production as well as the provision of quality services. 

Weaknesses 

One of the main weaknesses of Meakin Enterprises is expensive debt financing. This is a significant weakness since the company started from scratch with minimal resources; hence, it needs debt financing to facilitate its operations before it can finally stabilize. The second weakness is that only one person is responsible for managing the entire organization, posing the threat of operational interruptions in case the person dies or falls sick. Thirdly, the company demonstrates poor marketing techniques and strategies, including branding of trucks and word of mouth. Finally, the company shows inefficiencies both in the management and streamlining of processes. 

Opportunities 

There are several opportunities for Meakin Enterprises, including growth in the hauling business. The case has not mentioned other firms that have ventured into the business within the location, indicating that the business has a potential for growth due to low competition. Secondly, earnings from peas have shown consistent growth in the past three years, suggesting that the company can generate more income by expanding their pea’s production. Thirdly, there is increased demand for foodstuff both locally and globally (Singh, 2013). Other opportunities include the use of technology in streamlining business operations, growing global population thus increased demand for food, the potential to bring new and young minds in the company’s business operations, and development in the items being produced. 

Threats 

Meakin Enterprises faces three key risks, including competition from the larger producers that possess the capacity to operate in a more efficient manner, the threat of climate change and adverse weather conditions, and a high risk of crop failure due to the effects of climate change and adverse weather ( Walthall et al., 2013) . 

Strategic Alternatives/Evaluation 

Alternative 1: Maintaining the current levels of business operations 

Pros

Cons

There are sufficient resources, including farm equipment to satisfactorily meet the needs of the company, including the farming and hauling operations  The company will not need to acquire more debt finance to purchase additional land or equipment for the hauling business  The company has an already established market for the existing operations

The alternative is inconsistent with the company’s strategy of growth since it prevents venturing into activities that have potential to maximize the company’s growth  Maintaining the current operations indicates that the risks facing the business would continue, including the threat of competition from the larger companies  The company would not be optimally utilizing the available resources, which indicates inefficiency in operations

Alternative 2: Expanding the farm and decreasing the trucking business 

Pros

Cons

Expanding the farm would give the company the benefits of increased crop production, including the advantages of economies of scale that can help in competing effectively with the larger farms  Decreasing the trucking business would help to save on costs since the business is seasonal, and such saved values can be used to expand crop production or invest in the more efficient modern farm equipment

Expanding the farm would indicate additional costs for the company, particularly in the form of long-term debt financing since the prices of land are very high and the company lacks sufficient resources to purchase property in cash  Decreasing the trucking business would be detrimental to the company since the industry presents an excellent potential for growth, especially given that it is not fully exploited and it faces minimal competition unlike crop production

Alternative 3: Reducing the farm size and expand the trucking business 

Pros	Cons
Reducing the farm size presents a key benefit of cutting down on the farm’s expenses since land prices are high irrespective of whether one is buying or leasing  Expanding the trucking business, which has higher growth potential would enable the company to maximize growth and significantly reduce operating costs	This alternative hinders the company from realizing the full benefits of maximizing crop production by increasing the size of seeded land.

Alternative 4: Expanding both the Farm and Trucking businesses 

Pros

Cons

Expanding both businesses would enable the company to become more competitive following the increased level of productivity  Expanding the businesses also presents the benefit of allowing the company to take advantage of economies of scale, therefore lowering its operating costs  Expanding both companies would enable the company to maximize growth since the trucking business presents a high potential for growth while expanding the farming business would lead to increased crop production, thus leading to higher returns

Expanding both operations has significant financial implications for the company, which lacks adequate working capital and heavily relies on long-term debt. Hence, the expansion would necessitate more deficit, which would lead to higher operating costs and increased financial strain on the company  The development would require additional resources, including labor and equipment, which would push up the firm's operating costs  The company would be expected to higher more managers since Meakin would not satisfactorily monitor the operations of the more prominent company

Recommendation 

Based on the above analysis of the options available to Daved Meakin, the most suitable alternative is reducing the farm size and expanding the trucking business. The trucking business demonstrates a lot of potential for growth because fewer companies have ventured into it, which indicates that the level of competition in the business is still low. The trucking business has demonstrated a growing trend in the net profit margin, where it recorded 9.17% in 2014, 5.07% in 2015, and 11.49% in 2016. Conversely, the farm businesses had demonstrated a consistent declining trend in the rate of return, gross margin, and the net profit margin. Meaking Farms recorded a rate of return of 120.63 in 2014, 88.29 in 2015, 46.22 in 2016; a gross margin of 61.98% in 2014, 57.6% in 2015; and 50.5% in 2016; and a net profit margin of 15.43% in 2014, 9.38% in 2015, and 0.43% in 2016. 

Apart from the trucking business’ capacity to achieve more growth at a reduced cost, reducing the farm size would play a critical role in lowering the company's costs, particularly those associated with the leasing of land. Incurring additional costs to purchase or lease land potentially hinders the growth of the company since it necessitates more long-term debt financing, which is expensive to pay. Moreover, crop production faces too much competition from larger farms as well as such threats as climate change and undesirable weather, increased demand for organic foods, and high risks of crop failure. These risks and threats signify the need for the company to develop competitive advantages through the diversification of operations, thus making the alternative to expand trucking and reducing the farm size ideal. The company is therefore capable of implementing the option by utilizing the capital saved from cutting the farm size as well as through long-term debt. However, the alternative hinders the company from realizing the benefits of maximizing crop production. The company can overcome this demerit by focusing on such highly profitable crops as peas and canola, as well as efficient utilization of farm inputs to maximize the production of the available land. 

Implementation Plan 

The implementation of the recommended strategic option begins with change management, whereby all the parties in the company will be informed of the desired change so that the appropriate adjustments can be made. Some of the necessary changes in the change process include hiring more personnel in the hauling business, acquiring more equipment for the hauling operation, as well as engaging in agreements with the landlords of the leased land as the company seeks to reduce the size of seeded land. Moreover, the owner of the company, Daved Meakin will be responsible for soliciting the appropriate funds to facilitate the change process. This includes acquiring additional funding from financial institutions in the form of a loan, as well as consolidating the available funds, including profits and savings made by reducing the farm size. The list of tasks and their respective timeline is as shown below; 

List of Tasks	Schedule of Tasks (2018)
Change Management  Communicating about the planned change to all the teams in the company  Hiring and training more personnel in the hauling business as well as acquiring all the relevant documentation for the new employees in the organization	August 1 st to 14 th
Planning  Identifying the type and number of equipment to add in the hauling business to meet the increased capacity of the industry and their related costs  Calculating the ideal land size to determine the extent of land that should be given back to the landlords	August 15 to 22nd
Financial Study and Acquisition of Funds  The managerial team will conduct an economic study to determine the number of funds required to acquire the additional labor and equipment for the hauling business  Daved Meakin will then source for funds from financial institutions as debt as well as provide funds from the savings derived from the company’s operations and savings from rented land	August 23 to 30 th
Implementation  The company will engage in agreements to give back the non-wanted land that was initially leased  The agreed-upon equipment will be acquired and installed to facilitate the hauling business	September

Conclusion 

Meakin Enterprises operates within a high uncertainty industry, agriculture, a factor that necessitates better planning and implementation of strategic options that are ideal to overcome the risks and threats associated with the industry. Crop production, one of the company's significant operations faces diverse dangers and threats including massive competition from the larger companies, weather and climate changes, changing consumer preferences as more are considering organic products, as well as the influence of the green movement, which discourages the use of such inputs as fertilizers and pesticides that are crucial in maximizing production in the farm. Following the threats to crop production, focusing on growing the trucking business is the ideal strategic option for the company, since the industry is less competitive and offers numerous opportunities for growth. 

References 

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