Risk — a four letter word that drives farmers crazy. As farmers, our chances of success are greatest when we know the risks we're exposed to and have mitigated risks that are in our control. To help us dive deeper into the topic of risk - specifically business risk and financial risk - RealAgriculture's Shaun... Read More
Category: Mind Your Farm Business
If when you think of risk in farming you think only of uncontrollable things, like the weather and global trade, or only crop price slides, you've likely missed an opportunity to take a more proactive approach to risk management. While it's easy to get overwhelmed by 'what if' scenarios and all the different forms of... Read More
The finding is staggering. A recent IPSOS Reid poll found that certain farms achieve five-times higher return on assets because of one key element. Perhaps more surprising is how accessible this element of a farm business is — it's a written business plan. That number is impressive, but even more striking is the associated finding... Read More
"One day, this will all be yours." If this is the sum total of succession planning you've done as a farm owner, or if, as the son or daughter, you've heard this one too many times with nothing to show for it — the interview below is a must listen. On this episode of the... Read More
Family farms involve a complex interaction between two worlds — the family and the business, and both these worlds are impacted when a new person arrives. This person can be the glue that keeps things together, or the dynamite that blows things apart. We're talking about what happens when a son or daughter-in-law marries into... Read More
As Canadian farms continue to grow, so does the need for talented employees who can help farmers reach their business goals. But how do you find and attract these individuals? And once you have them in your employ, how do you keep them? Human resource consultant Lynn Perry joins us for episode 20 of the... Read More
We often hear of the importance of trade, with headlines updating us on international trade deals. But, that's only the tip of the iceberg. With each trade deal there are opportunities and risks, and it's up to individual businesses, including farms, to assess how they could be impacted. "We're a trading country and our agri-food... Read More
"Innovation" is a buzzword in today's world, often associated with technology, but it's not necessarily about gadgets, as our guest for this episode in the Mind Your Farm Business series points out. "Innovation really is about grabbing ideas from other parts of the planet or other ideas you see people doing and bringing that back... Read More
When thinking about risks to your farm, what comes to mind? Weather and market risks are usually at the top of the list, but there are many other areas where a farm business may be exposed. These risks are often unrecognized because nobody's taken the time to go through an exercise of assessing risks and... Read More
Working capital is the king of financial metrics, especially during the bottom of a market cycle. A farm can have large swaths of land and other equity on its balance sheet, but if it doesn't have cash or liquid assets to make monthly payments, the business will soon be in trouble. "A wheelbarrow full of... Read More