Assess farm financial performance now

BROOKINGS, S.D. - Now is a good time for producers to assess farm financial position and performance, a South Dakota State University specialist said."It is important to remember that if a cost can be measured, it can be managed. Start your farm's benchmarking and profit improvement by taking the first step: Measure your costs to know where you are," SDSU Extension area management specialist Jack Davis said.SDSU has online resources available to help producers measure costs and returns for last year, and prepare a budget for this year. Use a Farm Enterprise Budget available from SDSU Extension at http://econ.sdstate.edu/.Use the "Extension" pulldown bar, then click on "Management tools and links" to find the budget appropriate to your operation.Davis said machinery, labor and management costs account for 30 percent of total costs and may provide an opportunity for helping control costs.


Read More