Benchmarking: Three part process for financial analysis
Farmers can use multiple tools and methods for analyzing their farm financial statements. Some are very involved and take lots of time, while others don’t take much time at all. Benchmarking is making...
View ArticleEnterprise Budgeting: Review of a single enterprise in a farm business
Wisconsin farms will often have many different enterprises that contribute to their whole farm business. For example, a dairy farm may have enterprises for milk sales, calf or finished cattle sales,...
View ArticleFinancial Statement and Analysis Spreadsheet Video Series
This video series will introduce you to the Financial Statement and Analysis Spreadsheet. In these videos, Kevin Bernhardt, Extension Farm Management Specialist with UW-Madison Division of Extension...
View ArticleObserve Financial Planning Month by reviewing farm & personal finances
Financial Planning Month is observed during October. For farmers, this time of year may be focused on harvesting the crops that were planted earlier this spring or summer. But in this day and age of...
View ArticleReview recordkeeping methods and retention standards in the new year
This article was originally published in Progressive Dairy. For many farmers, farming is widely viewed as a “way of life” rather than as a business. The Internal Revenue Service (IRS) considers an...
View Article2024 Dairy Margin Coverage: Enrollment and Policy Updates
Dairy producers need to stay informed about the latest developments of the Dairy Margin Coverage (DMC) program so that they can make timely and informed decisions for their operations.
View ArticleIdentifying the components and sources of risk on the farm
The greater the uncertainty, the greater the risk. The more likely a negative factor will occur, the greater the risk potential.
View ArticleMeasuring Price Risk for Your Farm Business
Let’s look at the concept of price risk with an example of the average monthly corn prices in the United States.
View ArticleEvaluating a Farmer’s Risk Tolerance
Understanding how a farmer’s own risk preferences and that of others affect the risk management decisions made for the farm business is important.
View ArticleSetting Risk Management Goals for Your Farm Business
There are four strategies that can be pursued to help manage farm business risks.
View ArticleIs my farm operation big enough?
“Is my operation big enough?” It’s a loaded question that includes values, policy, lots of opinions, more than a few arguments, and even a little economics, the latter of which is the subject here....
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