Farm budgets: planning now for profits

March 30 webinar will discuss the various nuances of farm profitability.

Every farm starts the year intending to be profitable. Farm managers carefully plan their production activities to reach yield goals and generate revenue for their businesses.  But farm profitability isn’t just about what you make, but what you keep when the bills are paid.

How do the costs of your production activities impact your ability to keep the revenues you have earned? Do you know how profitable one production area or enterprise (i.e., corn, soybeans, wheat) is from another? Is the farm business as successful as similar farms in the industry?

On March 30, 2021, Michigan State University Extension educators will hold a webinar session to discuss how farm managers can use the latest industry data to answer these questions. Topics will include:

  • Finding the cost of production for your farm
  • Farm records - IRS taxes vs. production year
  • How to use industry benchmarks to improve your farm
  • Decision tools available from MSU Extension
  • Why paying attention to details is a MUST in this business

Whether you are just starting a farm or a seasoned farm manager, we hope you’ll join us to discuss farm budgets and plan for profits. One MDARD pesticide recertification (RUP) credit (Private or Commercial Core) and one continuing education credit (CEU) for Certified Crop Advisers will be available for those who attend the live event. Attendance is free, but registration is required at: https://www.canr.msu.edu/events/farm-budgets-planning-now-for-profits.

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