This course provides key financial principles that help you learn how to work on your business, not just in your business. This simple approach to financial planning will help you understand the big picture view as well as make critical production decisions based on a clear sense of cost of production for different enterprises. You will develop a financial plan and identify ways to implement and monitor that plan. You’ll learn the key economic analysis tools for improved financial decisions for both annual budgets and for long-term investment.
- Understanding the difference between financial planning, managing, and accounting and who is responsible for these activities on your management team
- Benefits of a holistic, value-based approach to finances
- Using your whole farm or ranch goal to improve your financial decision-making
- Prioritizing expenses to increase your farm/ranch investment strategies
- Planning for profit
- Improving profitability with enterprise analysis
- Analyzing net worth and tracking progress
- Writing plans to maximize profitability
- Increasing creativity in planning and marketing for more profit.
- Develop a financial plan which will consist of a yearly budget
- Determine current net worth and projected net worth at year end to analyze effectiveness of financial investments
- Develop enterprise analysis for each enterprise (up to 3 enterprises) to move from a production focus to a profit focus
- Be able to analyze expenses and investment allocation strategies so you can better determine return on investment (up to 3 investments)
- Be able to analyze livestock production strategies and ramifications on financial planning (for those working with livestock).
Fee and Financial Assistance