5 FINANCIAL STEPS YOU SHOULD TAKE ON YOUR FARM THIS MONTH
1. Write a summary of what happened on your farm the last circle or growing season. This helps you think through decisions.
2. Update your operating budget. Compare what you planned to spend for all the various farm inputs, doc, feed, drugs, seed, fertilizer, crop protections, etc., and what you actually paid. Make adjustments. Update yield projections. Reassess your break-even price.
3. With an adjusted breakeven, review and update your marketing plans. Have you locked in higher prices? Do you need to sell less or more?
4. Update your financial projections. In addition to cash flow and income statement, update balance sheet projections.
5. Use the updated information to have constructive conversations with trusted experts or advisers.