Keys To Successful Farm Business Management?

Dec 23, 2016

By Pauline Van Nurden

The new year is right around the corner and with that comes a blank page to create your financial plan for the coming year. As a farmer, do you ever struggle with what needs to be included in your financial management plan? Are you looking to boost your farm financial management skills? As you look to start the new year off on the right foot, make sure you have a handle on your business;s finances.

Balance Sheet – Do you sit down at the beginning of the year to create a balance sheet? This gives a snapshot of what you own and what’s owed against it. You’ll then determine your net worth. Creating a balance sheet at least annually is important to assess your profitability and business gains.
Income Statement – Do you look at the profitability of your farm over the last year by creating an income statement? The income statement measures profitability by determining the net income of your farm. This is calculated by subtracting the farm expenses from the farm revenue for the year. The best approach is to calculate the accrual adjusted income because this factors in changes in inventory and depreciation during the year. By doing this, you learn the true profitability of the operation.
Cash Flow Projection – Do you create a plan each year for your money? A cash flow projection can help you do just that. The statement of cash flows looks at where cash is utilized in the operation – either for operating, investing, or financing activities. Remaining funds build your cash balance. Planning how every dollar will be best used is important and will get your business off to the right start in the new year.

These financial statements are created using your farm records and aid you in making important financial decisions for your operation. The MN Soybean Research and Promotion Council knows the importance of sound farm financial management as well. They are generously sponsoring two workshop sessions aimed directly at these skills. “Taking Charge of YOUR Finances: How to Survive & Thrive” workshop will help farmers put these tools into action to gain financial management skills.

Source: umn.edu

Video: Four Great Reasons to Love Canola

Canola oil is healthy, versatile, takes the heat and is Canadian! Canola oil is grown for you by 43,000 farmers in Canada.

** Why should I buy and use Canola Oil? **

Canola oil is your local choice for oil. Grown right here in Canada! Canola oil is the best blend of fats for good health. Canola oil is low in saturated fat and contains zero trans fat and cholesterol. Canola oil is a source of omega-6 which is important for the brain and essential for the growth and development of infants. Canola oil is also high in omega-3 fat which helps to protect against heart attacks and strokes. Canola oil is high in monounsaturated fats, which reduce the risk of coronary heart disease.

** When and where can I use canola oil? **

Basically, you can use canola oil to replace any type of oil in any recipe and here’s why… For the Health of it! With the lowest amount of saturated fat of any leading oil in your supermarket, it also contains a good amount of heart-healthy monounsaturated fat and omega-3 fatty acid it is an excellent choice for a healthy kitchen.

For the Heat of it! Boasting a high smoke point of 242C (468F) it is an excellent choice when doing high heat frying or deep frying. For the Taste of it!

Generally speaking, canola oil has a very mild or neutral flavour making it an excellent carrier for other ingredients in your dish. It allows for seasonings to shine and for key ingredients to be showcased. However, if you are looking for an oil to pack a punch you should try out a cold-pressed canola oil. Cold-pressed canola oil packs flavour and is excellent for bread dips, salad dressings or a quick drizzle to finish a dish for a great presentation.

*Yes, even to replace a solid fat!

Did you know you can make some of your favourite recipes even healthier by replacing solid fats with canola oil? Not only do you make the type of fat in the recipe healthier you also decrease the caloric content of the recipe because you will decrease the amount of fat needed. Basically, anytime a recipe calls for a solid fat to be melted you can replace it with canola oil.

Keys To Successful Farm Business Management?

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Video: Four Great Reasons to Love Canola

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