Learn farm budgeting essentials at the planning for profit workshop
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EmailA program hosted by MSU Extension, Institute of Agricultural Technology Program, and Montcalm Community College.
Michigan State University Extension is partnering with Montcalm Community College and the Institute of Agriculture Technology Program to host a free Planning for Profit Workshop. This workshop is designed to address a myriad of farm profitability topics in production agriculture. It will be offered Friday, March 13, at the campus of Montcalm Community College.
The one-day workshop will begin with an overview of enterprise budgeting, cost of production, and other important concepts in agriculture economics. This class will help producers evaluate the profitability of current enterprises. Participants will learn basic economic concepts and enterprise budget components which will help producers make sound and timely decisions in their production systems.
A practical application of skills will be conducted with a “Back of the Envelope” budget exercise by participants at the end of the workshop. This practical application exercise will help producers evaluate current enterprises, scaling enterprises and considering adding other enterprises to their production. Farm marketing will also be discussed including how to cover cost, creating margin goals, alternative markets, and marketing price considerations.
The workshop will conclude with a farmer panel made up of local producers to discuss various profitability concepts on their farm using real-life examples and discussing “Agriculture in the Future.”
The Planning for Profit workshop is free, but registration is required.
Register for the Planning for Profit Workshop
Workshop agenda
8:30 – 9:00 a.m. Check-in/Registration
9:00 – 9:15 a.m. Welcome and Introduction by Brian Gardner – Program Coordinator Montcalm Community College Institute of Agriculture Technology Program
9:15 – 10:45 a.m. Introduction to Enterprise Budgeting and Cost of Production
- Understanding enterprise budgets and economic profit
- Opportunity costs
- Cost of production
- Depreciation and margins
10:45 – 11:00 a.m. Break
11:00 – 12:00 p.m. Agricultural Marketing Discussion
- Marketing and costs
- Records
- Margin goals and cost of production
- Smaller farms and agritourism
12:00 – 1:00 p.m. Lunch with Q&A
1:00 – 2:30 p.m. Local Farmer Panel – “Forecasting Agriculture in the Future”
- A farmer panel discussion with local farmers who have achieved successful profitability and the decision-making that led to success
2:30 – 3:30 p.m. Practical Application – “Back of the Envelope” Enterprise Budget
- Putting it all together with the concepts learned in the workshop, participants will construct a quick, enterprise budget to evaluate profitability of an enterprise on their own farm
