Farm Business - General
China contains the largest population of any country in the world. All those mouths drive demand across the globe and for your farm’s products.
The power of encouragement on your farm is massive, says Bob Milligan, senior consultant at Dairy Strategies.
You are likely making plans for seasonal help. If that team includes children or grandchildren, you might want to consider setting up a custodial Roth Individual Retirement Accounts (IRAs) for them.
Collect and analyze the best financial data to aid decisions on your farm operation.
See how rising costs impact you and your family.
How can you reward team members for good work, increase employee retention and achieve your operation’s goals? Consider implementing an incentive pay system to reward your farm employees.
Farm Bill discussions and debates don’t pack as much drama for producers. According to JohnPhipps, there’s an unspoken realization that the Farm Bill doesn’t have the same influence on the farm economy it once did.
“Most farms don’t have the time, capabilities, perspectives, resources or desire to do all the tasks it takes to run an operation,” says Steve Kluemper, AgriStrategies LLC founder. “A lot of growers hire to fill gaps.”
In your will or trust documents, you name a power of appointment. This means you grant power to an individual to name recipients of all or a portion of your money and property in the future.
How do you set your farm on a profitable and exciting trajectory? Surround yourself with smart people, and then give and take.
“You can begin at any point in the year, but the power of this is that by improving yourself first, others follow,” says Mark Faust, president of Echelon Management.
Instead of writing down these big audacious goals, Jon Acuff, an entrepreneur, speaker and best-selling author, has better advice: Set micro goals.
Could agriculture face a Southwest-type meltdown?
The rural economy seems to be set on cruise in neutral gear. That’s according to the Rural Mainstreet Index (RMI) from Creighton University.
Follow this strategy to reduce turnover and increase morale on your farm team.
The poet Ovid said, “Dripping water hollows out stone, not through force but through persistence.” This quote perfectly encompasses a key in business success: small habits done repeatedly truly do add up.
This year, more than ever, requires you to spend time with your tax adviser to pin down the right amount of taxable income to report. Good luck.
The food system is being reimagined today and farmers can benefit by thinking about how to improve their ability to take advantage of opportunities in the process, says Rob Dongoski with Ernst and Young.
Meanwhile, service prices and the core index (which excludes food and energy) remain high, with the core CPI descending to 4.8%.
Average feedyard closeouts saw modest profits for cattle last week as cash prices improved. Hog finishing margins declined from near breakeven to a loss of $6 per head.
With all the talk about artificial intelligence, there’s a new debate: is AI actually real or just a combination of Siri and other search databases? John Phipps addresses a U.S. Farm Report viewer’s skepticism.
National enrollment in ag and related science majors at two-year institutions grew 41% in Fall 2021. The Community College Ag Advancement Act aims to give these students more industry opportunities.
There are three areas producers need to focus on to earn the title of “good farm manager,” according to Purdue University researchers.
If you’re ready to meet with an alternative lender, here are some points to keep in mind.
The rapid runup in land values caused farmland values to hit historic levels over the past two years. The dynamics are starting to shift, as input prices, interest rates and commodity prices are eating into outlooks.
More than 50% of farmers intend to grow their operation, based on responses in Purdue’s February 2023 Ag Economy Barometer. If you’re thinking about scaling your farm, it’s important to first ask these questions.
Lenders In the hearing seemed to agree on a boost to lending limits in USDA guaranteed loans as lawmakers ready for the next farm bill.
According to USDA, this funding was made available to help struggling rural communities “recover economically” and offer more market opportunities, improve infrastructure and protect farmland.
With all of the chaos and confusion centered around running an agricultural operation, regularly scheduled meetings should be a must on your farm.
As farm shows and meetings portray a crowd that seems to be aging, is there a shortage of young farmers threatening the future of ag? John Phipps explains why an abundance of young farmers may not be on the farm today.