By Kevin Brooks
For the past decade, farm profits have been highly volatile making farm business planning difficult. Grain prices have been all over the board — down, up, and back down. Input costs have also been unstable. These and many other factors can create a lot of stress for producers. University of Illinois Extension has provided valuable information and one-on-one counseling in farm business management and marketing.
Through his educational articles, guest speaking at programs, and consultations Kevin Brooks, Illinois Extension farm business management and marketing educator, provides much needed support. “Sometimes having someone else to provide a non-biased opinion on a financial situation can be very helpful. Anything discussed is entirely confidential.”
In the past 12 months, Kevin’s articles posted on Farm Coach Blog have 6,300 engaged sessions. In addition, those articles are distributed in print media throughout the state.
Brooks has written several articles about farm finance. These are designed to help guide farmers through challenging times. The relationship with the farm lender is key. Tips for working with your farm lender are available on the blog, which includes how to communicate with the lender when profitability is tough. Other blog articles discuss balance sheet analysis and record keeping tips. One of his most popular articles is about an IRS code that can help reduce federal tax burden.
Source : illinois.edu