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Financial Well-Being
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Top 10 Farm Safety Tips
Farming ranks as one of the most dangerous industries in the U.S. Stress, long hours and fatigue contribute to injury risk. When we confront several stressors at once, we may become distracted, and this distraction can cause errors that lead to serious or fatal incidents, such as tractor rollovers or entanglement in a fast-moving machine. Thus, proper safety precautions are essential for preventing such incidents.
Assess your Farm Business using a SWOT Analysis
Consider your own self-assessment, and that of your farming business by conducting a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats). You may want to consider areas of farm business management, production topics, communication skills, financial management, own farming experience, etc.) What is a SWOT Analysis? Strengths – internal competencies and capabilities that enable a farm to […]
Understanding the Farm Business Balance Sheet Part II: Interpretation and Analysis
The first financial management report often created for the farm business is the Balance Sheet. It provides insight of farm solvency and liquidity. What is meant by Solvency and Liquidity? The balance sheet is a report of the farm business’ financial position (strength) at a point in time. Position can be analyzed and interpreted using […]
Understanding the Farm Income Statement Part II: Accrual Adjustments and Interpretation
Accrual adjustments are made in the Income Statement. How are these adjustments made? What do the Income Statement calculations tell us? Accrual adjustments are made on the income statement to better reflect earned profitability performance of the farm business. This factsheet provides more detail about the non-cash accrual adjustments, introduced in Part I of this […]
Understanding the Farm Business Balance Sheet, Part I
The first primary financial management report often created for the farm business is the Balance Sheet. It provides insight of farm liquidity and solvency. What is the Concept and Structure of the Balance Sheet? The balance sheet is a report of the farm business’ financial position (strength) at a point in time. It is referred […]
Understanding the Farm Income Statement Part I
The Income Statement is a report of the farm business’ financial performance during a given time frame. What is the Concept and Structure of the Income Statement? Farm performance is measured using the Income Statement. The Income Statement answers the question, did the farm generate an adequate return on the investment of your money, labor […]
