Articles

Preparing an Income Statement

The income statement is a report of the farm business’ financial performance during a given time frame. It measures profit or loss in a given time period.

Understanding the Statement of Cash Flows

The statement of cash flows tracks the sources and uses of cash in the farm business in the past year. It also adds insight to the understanding of financial position and performance of the farm business.

Understanding the Statement of Owner Equity

The statement of owner equity reconciles the change in equity from the beginning balance sheet to the ending balance sheet for the farm business. Also known as the statement of net worth, shows the source of change.

Consider safety before you purchase a used tractor or farm machine

If you are considering a purchase of a used farm tractor or other machine, even if you are not using it to do traditional farm work, safety must be a prime consideration. UW-Madison Extension provides some critical priority checkpoints to protect the personal safety of yourself, family members, workers and others who might be using the equipment that you purchase.

Used tractors and machinery make work easier on farms and large properties

When you’re in the market to buy a used tractor or other piece of equipment, you’ll likely notice the differences in features between older and newer models as you look through sale listings. The good news is that despite all of these changes and the evolution of mechanized technology used in agriculture, tractors and other types of farm equipment are generally built to last. Older farm equipment that is well-maintained can be fully functional though it may lack more modern and important safety, comfort, or technology features.

Using the Business Model Canvas to Refine Your Farm Business Idea

Writing out a complete business plan is a time-consuming feat. Before you spend your time and energy writing a multi-page narrative, explore your ideas with a simple tool – the Lean Canvas. Adapted for use by startups, this simple one-page matrix can be a valuable tool to help farm entrepreneurs test a business idea in the context of nine key areas.

¿Refleja tu cultura quién quieres ser como empleador?

English | Spanish Cómo medir su cultura empresarial en la granja ¿Por qué utilizar una encuesta para empleados para medir la cultura? Las prácticas laborales sólidas orientadas a atraer, capacitar, retener y recompensar a los empleados deben reflejar una comprensión clara de las opiniones y experiencias de los empleados. La cultura agrícola representa “la forma en […]

The Business Case for Safety on the Farm

Farms are Risk Filled Working on a farm is inherently risky—whether you are a family member on a small operation operating equipment or caring for animals—or a hired employee on a bigger operation performing more specialized jobs. Data from the National Safety Council and the U.S. Bureau of Labor statistics documents a per capita death […]

Building a Positive Farm Business Culture: Characteristics of Latin/Hispanic dairy workers

The place we are born can impact our culture—our behavior and how we view the world. People who come from different countries have different cultures; the more we interact with people from different countries the more we learn about our cultural differences and similarities. Understanding and valuing cultural differences is important to improving farm business culture.

How to Read and Understand Your Milk Check

Are you confused about what is printed on your milk check and what all the components are? Are you having difficulty reading your statement and knowing if the payments, particularly the premiums paid, are on par with what other producers are receiving. Learn where the numbers on your milk check come from and what they mean to your operation.

Tax Preparation Issues and Concerns

As we all know, the month of January often brings thoughts of taxes and tax preparation. Gary will focus on issues specific to farm tax returns so those listening may gain a better understanding of what to think about regarding farm tax preparation and be able to ask better questions with their tax advisor.

Power of One

A new year always elicits new resolutions, goals and plans for how to better our business, family and self. However, a quick google search shows that only 8% of Americans keep their resolutions throughout the year and 80% have failed by February. How can we become an 8-percenter in the new year?