Capital is the lifeblood of business. A business can't grow without access to capital through debt and equity. Most farms grow and prosper through partnerships with banks and their own wealth, built up over time. Use the following strategies to improve your working capital position on the farm.
Developing a structured daily plan is the key to achieving goals. When I lived in New York City, I had dinner with a friend at the Harvard Club and we were working on my goals. My friend said, “Scott, figure out where you want to be in five years, then think backwards.”
Grain bins can be both a blessing and a curse, so it's no wonder farmers have mixed perspectives on them. So many bins have actually cost farmers money, allowing them to make bad decisions in their marketing. But, those big tin cans should actually be huge profit centers for the farmer, if used properly. In this episode, learn how to use them to gain maximum profit.
During the boom times of $8 corn and $16 soybeans three or four years ago, many farmers offset tax burdens by purchasing machinery and using the section 179 accelerated depreciation. A few of us were a bit too aggressive in doing this and ended up with a little more machinery than we should have.
CashCow Farmer is preparing farmers for the future of farming. With powerful farm financial software that is affordable & easy to use & expert backed grain marketing strategies, CashCow Farmer is truly your partner in field & in the market.