Farmer Podcast Club: Financial fundamentals

Posted by Lilli Klamke on April 30, 2019

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Enjoy listening to your weekly Farmer Podcast Club episode.

017. Financial fundamentals Modern Farm Business Podcast

Released Oct 19, 2017

Dean covers basic financial ratios with insights from ag finance specialist Tim Brhel. Business is a three-legged stool:

1. Make things
2. Sell those things
3. Count what’s happening

William Bruce Cameron (Sociologist, wrote Informal Sociology):
“Not everything that can be counted counts, and not everything that counts can be counted.”

Knowing and understanding financials isn’t enough. You have to use them to better understand the operation. Then leverage that information to make decisions which move the farm forward intelligently. Water Street Solutions ag finance specialist Tim Brhel says he’s found through his work that all farmers’ mindsets regarding financials fall on a spectrum. ONE END: Does balance sheet because the bank needs it. Does books for tax reporting. Would rather not do any of it, given a choice. OTHER END: Proactive, open-minded about leveraging financials. Plans next year in advance. Makes decisions based on metrics. A farmer’s approach to financials drives how effectively they use them as tools.

 

Listen to the full episode:

http://modernfarmbusiness.libsyn.com/financial-fundamentals-mfb017

Subscribe to Modern Farm Business Podcast  on iTunes:

https://podcasts.apple.com/ca/podcast/modern-farm-business/id1259877472?i=1000393731481&mt=22

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