How Farmers Are Financially Preparing for the Future
AgAmerica CEO and President, Brian Philpot, recently discussed the changing economic landscape in agriculture from a financial perspective with the voices of the Global Ag Network, Delaney Howell and Mike Pearson. Below are some highlights from the podcast, including how to build working capital to cover input expenses through ongoing uncertainty.
Understanding how working capital can cushion your operation during a volatile economy.
COVID-19 in the past month has uprooted millions of people across the nation affecting the way they live their lives and provide for their families. As the nation’s economy shakes with closures of non-essential businesses, lack of consumer spending and school closures playing a significant role in this, planning for the future of your farm operation when interest rates are low has never been more important.
Read to learn what a SWOT analysis is and how it can help your farm succeed.
A SWOT analysis is an advantageous strategy when considering any possible changes to a farm operation. It can also be used to assess past successes and failures while creating future goals. A SWOT analysis organizes thoughts, brainstorms, evaluates and compares potential ideas to bring in additional revenue for a farming or ranching operation. It has the unique ability to show gaps within a business model and highlight possible solutions to existing problems.
Alternative Options to Traditional Agricultural Loans.
According to the U.S. Department of Agriculture (USDA), farm debt will hit a record high of $416 billion by the end of 2019. Farmers are leaning on lenders now more than ever, not just during the hard times, but to finance new opportunities like farm expansions, equipment updates, and more. So why are farmers choosing alternative lending companies to help open these doors?
5 Tips for Reducing Risk and Increasing Profits.
There are so many factors that go into running a profitable farming operation. In an industry that faces several influencing factors such as new technology, government regulations, and climate change, the potential impact on your operation’s bottom line is high.
Learn how loan consolidation can help you successfully manage farm debt and strengthen your finances.
Today’s economic stresses paired with a predicted late, smaller harvest has placed an abnormal amount of financial pressure on America’s farmers, especially those with existing farm debt and operational expenses. For some farmers, now could be the ideal time to determine whether the pros of farm debt consolidation outweigh the cons and if consolidation is the right decision for your operation.Read More
Establish a good financial record keeping system to leverage the best terms for your next farm loan.
Applying for a loan can be a scary, frustrating process, especially when your time is dedicated to planting, harvesting, or caring for livestock—but with the right preparations in place, it can be a less daunting of a process. Read More