As a business owner, it can be easy to hope things will soon return to “normal” when it comes to agricultural cycles. It is tempting to assume a downturn will end and that markets will improve, but that approach doesn’t prepare your business for an ‘abnormal’ situation.
In the Northeast, statistical pay prices in 2017 are likely to increase above 2016 levels, providing improved margins. However, finding a home for milk in the Northeast conintues to be a challenge as our supply continues to exceed regional demand and processing capacity.
Coming off several years of reduced farm income, Northeast agriculture is looking forward to better results in 2017. A number of factors combined to produce diminished financial returns across multiple ag sectors in 2016, and we are looking for modest recovery in the year ahead.
In any business, especially one going through a transition or other change, it’s important to complete an annual review of important business documents, such as insurance policies, to make sure all of the information is complete and up to date. So much goes on in a business throughout the year and the last thing you want is for something to not be covered under an insurance policy.