By Successful Farming Staff – 9/3/2019.
- Write a summary of what happened on your farm this growing season. This helps you think through decisions.
- Update your operating budget. Compare what you planned to spend for seed, fertilizer, crop protections, etc., and what you actually paid. Make per-acre adjustments based on actual acreage. Update yield projections. Reassess your break-even price per bushel.
- With an adjusted breakeven, review and update your marketing plans. Have you locked in higher prices? Do you need to sell less or more?
- Update your financial projections. In addition to cash flow and income statement, update balance sheet projections.
- Use the updated information to have constructive conversations with trusted advisers like Dangerfield Consulting.