For a beginning entrepreneur, cultivating financial skills is essential to the health and success of your business. Whether you need help organizing your finances into manageable tasks or advice on how to approach a lender, Chris Laughton covers a range of financial topics of interest to beginning farmers.
In any business, including natural resource-based enterprises like farming, fishing and forestry, knowing your costs has always been important. But in today’s world of tight margins, it is imperative. Knowing, and managing, your cost of production is essential to running a profitable operation.
Management tools are an important piece of a business’s record-keeping strategy, and solid records are key to business success. Beyond tax compliance, a solid record-keeping strategy can reveal ways your business can become more profitable.
A cash flow statement shows the movement of cash in and out of your operation over a given period of time. It’s different from an income statement or balance sheet in that it’s limited to only showing changes in the cash available to your businesses due to a variety of factors. It is a key document that lenders often look at to help determine the capacity, or the ability of the operation to repay its ...