We're going through the third-greatest agricultural revolution in our history. The first was the Dust Bowl, and the second was the banking crisis of the 1970s. This one involves worldwide competition for our markets, and it's a major challenge. Be aware, whether you take classes or turn to a good financial adviser. Farm credit is so diverse you must work more closely with your lenders, and know exactly where your bottom line is more quickly.
Every grower needs a spread sheet, basic accounting knowledge and a written farm plan.
Anyone who doesn't have his financial records on computer is already at risk, since there are all kinds of programs available to help sharpen his pencil. A spread sheet useful to farmers and ranchers must incorporate an analysis of each enterprise, or each crop, and each must pull its own weight. Records should include detailed information on all input costs, and keep track of specialized and general costs. Growers have to learn to apportion those out evenly across their business. A grower's time and family expenses are also part of a good farm budget.