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Developing a strategic and operating plan for your farm business can offer clarity and a clear vision.
Guide Business, Management

Entrepreneurial confidence – and how to get it

AME Management: Entrepreneurial confidence is a necessary quality in business

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Reading Time: 4 minutes Business success is largely influenced by entrepreneurial confidence. It is one of the most consistent characteristics across businesses that succeed. Thriving entrepreneurs believe in themselves — their capabilities to learn, apply new knowledge and skills. They reach their desired objectives, and ultimately, realize their vision. In agriculture, where we are challenged with many uncertainties, it […] Read more
Guide Business, Management

The value of learning

AME Management: Learning business management can contribute to self-esteem and confidence

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Reading Time: 4 minutes Farmers sometimes wonder whether additional courses and learning are of great value after taking into account course fees, travel, sometimes hotels, and always valuable time away from your business. Peer pressure can add to the psychological cost if the destinations are at all interesting or exotic. Neighbours may think you are simply taking a tax-deductible […] Read more
Management

Financing proposals — what to take to the bank

AME Management: Provide the essential information to your lender so they can better understand your business and assess your "ask"

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Reading Time: 3 minutes In farming, where access to adequate financing is key to success, lender relationships can’t be ignored. Nor can you neglect your approach to your annual review meeting with your lender. This is an important management function that needs focus. How can we best manage those relationships and your annual review for long-term positive outcomes? “Lending […] Read more
Management

Finance metrics you may not have thought of — measuring financial risk

AME Management Part 3: How balance sheets and operating statements help determine your exposure to risk

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Reading Time: 3 minutes The first two columns in this three-part series focused on using the operating statement to monitor operating efficiency and to diagnose operating problems. In this column, we turn to the interaction between the balance sheet and operating statement to identify and manage financial risk. This is very topical currently because of concerns that lower grain […] Read more
Guide Business, Management

Finance metrics you may not have thought of — diagnosing operating inefficiency

AME Management Part 2: The importance of watching and understanding trends and comparisons

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Reading Time: 3 minutes Our last column introduced the concept of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and used it to define Operating Efficiency Ratio, (EBITDA/Total Revenue). With some exceptions, financially successful farms have Operating Efficiency Ratios above 35 per cent, i.e. with at least 35 cents left from every dollar of sales after paying all non-capital […] Read more
Guide Business, Management

Finance metrics you may not have thought of — operating efficiency

AME Management Part 1: Basic financial tools to help determine your operating income

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Reading Time: 3 minutes In good times or bad, there are some basic financial tools that allow farmers (and other managers) to gauge their operating efficiency, diagnose where they have problems, and measure the financial risk they are bearing or are about to undertake when they make a substantial investment. We find, however, that we hear very few people […] Read more

AgCanadaTV

AGCanadaTV: In Case You Missed It – Your National Ag News Recap for the week ending February 14, 2020.

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