Making sure the farm is financially organized could be a key to running a successful and sustainable operation. Unlike many other industries, farmers are faced with unique challenges such as fluctuating market prices, unpredictable weather and potentially volatile cash flows. Ensuring you are aware of the current financial position of the farm by creating accurate and timely reports can allow you to make quick decisions when necessary.

The challenges facing today’s dairy farmers are vastly different from those of previous generations. Rising costs, environmental regulations and technological advancements have created a complex and competitive environment. For the next generation poised to take over family dairy farms, financial literacy is not just an asset; it is a necessity.

Whether we’re at the high point of a cycle or in the depths of a downturn, the best managers regularly manage their margins. They understand that margin management is an “always” mindset, one that builds stronger positions during the good times so they can get through the bad.

The current business climate of high interest rates and ongoing inflation is challenging. It requires business owners to be proactive and strategic with cash management, debt management and requires an overall increased focus on every aspect of the business.

Brilman Dairy welcomed Progressive Dairy into his facility to share some of its inner workings and the keys to his farm’s productivity.

We spend a lot of time talking about properly saving and investing money to ensure a happy retirement, but if you are not investing in your own health, what good is monetary wealth?