As a family on a seasonal or irregular income, you may want to schedule some major expenses such as insurance premiums, clothing purchases and non-emergency medical and dental care during the times when you expect more income. Adjusting Farm Spending Other Extension resource materials you may find useful are available through your County Extension agent. Restructuring the Farm Business gives strategies for lowering operating costs and generating alternate sources of income with resources you currently have. Options such as contracting for services rather than buying expensive equipment and doing contract work for others using your equipment not in use are discussed. Short and long-term strategies for change are presented.
Subscribers receive updates for the looseleaf bound handbook.
Being Prepared to Borrow is particularly important to study if you plan to stay in business. Use down time from production activity to do the extensive home work that will be necessary to complete future loan applications. The application process requires a minimum of 90 to 120 days to get the loan guarantee in place. Expectations are that, due to the drought many more people will be applying and people less experienced in loan processing will be involved in reviewing application and will be rule-driven in their work. With these expectations in mind, the earlier you start the process the better job you will do.