Financial Planning Resources
Navigating the ups and downs of milk prices and input costs can feel much like riding a roller coaster. Only it’s not near as fun. Here are some resources to help fine-tune your strategy for maintaining profitability and understanding your cost of production in good times and bad.
- Dairy Profit Team – Putting a core group of key advisors around the table can identifying opportunities and bottleneck areas that you may not have noticed before. It can lead to better decision, improved performance and ultimately increased profitability.
- Dairy Decision Consultant – A Dairy Decisions Consultant can review your financial performance and identify strategies for improved viability. The Center for Dairy Excellence offers a list of fifteen individuals who could fill this role.
- Risk Management Resources – Protecting your business against unforeseen changes in milk prices or input costs could be the strategy you need to level out the roller coaster.
- Cost of Production Resources – To be truly successful and profitable over the long term, it is essential to understand your cost of production. One of the first steps involves calculating your operation’s breakeven costs and making a realistic assessment to evaluate opportunities for improvement.
- Business Planning App – The AgPlan app helps you develop your own business plan, learn what to include in your plan, view sample business plans, and print and download your plan.
- Other Business Tools – Working with your Extension Dairy Team or networking with other dairy producers might be the solution to finding your competitive edge.
- Building a Balance Sheet Guide – Knowing the financial position of your farm is critical to its future success. One of the most important tools in helping you to understand the financials of your operation is the balance sheet. View this guide from Horizon Farm Credit.
- Farm Financial Assessment Guide – Having a good understanding of financials is an important part of a whole-farm analysis. This guide from Horizon Farm Credit includes five key ratios used to determine the financial health of any farm business.
- The Basics of Record-Keeping Guide – Record-keeping is essential for all farming operations, and an organized approach can reduce the stress of operating a business. View this guide from Horizon Farm Credit.
- Business Plan Template – Use this business plan template from Horizon Farm Credit to start developing a concrete plan for your operation.
To request additional assistance or information on these resources or other Business Tools offered by the center, please complete this form. For more information, please contact Melissa Anderson at 71-346-0849 or email@example.com.