Reading Time: 2 minutes If it was a scientific technology that was adding as much capability to today’s farms as effective financial management, we’d all be quick to sing it’s praises. We’d also have a pretty clear sense of how much value it was adding to the farm. It’s an interesting exercise to think about it in terms of […] Read more
Editor’s Note: In 2018, we know what really works
Who thinks of financial management when we have those road-trip discussions about which innovations should get how much credit for making today’s agriculture so great?
Who controls the purse strings on your farm?
By the time the parents hit their mid-60s, financial decision-making should be in the hands of the next generation. Really!
Reading Time: 5 minutes Two decades ago, U.K. professor Andrew Errington identified three stages of farm transfer: succession, retirement and inheritance. He defined succession as the gradual handing over of managerial control. Retirement was the owner withdrawing from active participation in the business of the farm, and inheritance was how the assets were finally signed over to the successor. […] Read more
Editor’s Note: The other side of the success story
At Country Guide, we do get criticized for seeming to print only stories about successes, not failures, but we don’t get as much flak as you might think… and we all know the reason why
Reading Time: 2 minutes You can see it again in the lineup of stories we bring you in our March 1 issue of Country Guide. For the next generation of Canada’s farmers, “average” won’t cut it. Our future farmers must run farms that score an A if not an A+ in every category… or they will face tall odds against […] Read more
Building a capital plan
The 10-year capital acquisition plan they’ve created for their farm gives the Semeniuks a decision-making boost, plus more resilience
Reading Time: 8 minutes In early October, Robert and Angela Semeniuk woke to deep snow blanketing their picturesque farm at Smoky Lake, north of Edmonton. Their hearts sank. Silence had descended on a scene that was supposed to be humming with harvest, leaving more than half of their canola in the field. But on that cold, grey fall morning, […] Read more
How much money is enough?
It’s happening on more farms. Is your working capital reserve dangerously low?
Reading Time: 4 minutes It’s no surprise that as farms get larger and more complicated, they need more working capital. There must be money available to handle large expenses, and to manage your way through cash-flow swings brought about by volatile commodity prices. Besides, in an era when it is so costly to grow or expand, it’s prudent to […] Read more
Bounce back, don’t break
What makes some farms so resilient in tough economic times? Finally, this New Zealand research finds some answers
Reading Time: 6 minutes Australia and New Zealand have had their fair share of agricultural challenges. They’ve known fires, tsunamis and cyclones, to name a natural few, and they have suffered from the politics of export markets, not to mention supply-demand crashes in world prices for wool, beef and milk. And that’s without mentioning droughts which, according to Australia’s […] Read more
It’s two careers
For Gordon and Sonia Decker, the key to success is to make their roles on the farm into rich, rewarding careers
Reading Time: 7 minutes Farming demands great decision making. Solid takes on agronomy, machinery, commodity markets and finance are just the price of admission these days. To thrive, farmers must deploy all that knowledge both for long-term goal-setting and also to make countless moment-by-moment decisions in the field and in the office, often under enormous pressure. They must also […] Read more
Use financial ratios to diagnose operational issues
AME Management: Different farms have different factors affecting their performance
Reading Time: 3 minutes The profit and loss statement provides three financial ratios that can help identify operational issues and set priorities in your operations plan. The ratios and their benchmarks are: The first and third columns define revenue/earnings and cost categories deducted from them on a standardized operating statement. The second and fourth are the resulting operating and […] Read more
Three key alignments for top farm management
AME Management: Define your management structure for the future
Reading Time: 3 minutes When the planets align, life on the farm can be very rewarding, like when your weather is perfect at the same time that there are production shortfalls in other parts of the world and you can price into market highs. There are other alignments, however, that are much more within your control when you are […] Read more
What students need for future success as farmers
Top ag educators tell us the good and the not so good they see in Canada’s next generation of farm hopefuls
Reading Time: 7 minutes The future stretches and sways like a Prairie grain field, endless and heavy with possibilities. Like storm clouds, though, threats and risks also gather. What strengths and skills will farmers need to succeed in the future we’re rushing toward? With the turnover between generations accelerating, it’s a question that is coming squarely into play on […] Read more
A message from April Stewart, Country Guide's Associate Editor
