Farmers encouraged to make a budget

Aug 16, 2022

Making a budget is something many farmers often avoid.

IntelliFarm President Brian Voth says even though it's unpopular, sitting down and making a budget is important for your farm.

"Honestly in the last year, year and a half, we could get away without doing a budget because basically we're in a situation where you couldn't not make money. As long as you actually had a crop or some version of a crop. The problem is this last year and half or two years is going to have lasting impacts on farms decisions going forward. Especially because with making a lot of money comes upgrading equipment, buying land, etcetera and things like this have trailing effects over the next five, ten, fifteen years," he explained. "The problem is, if farms are making these decisions and doing this because it made sense only the way things looked in the last year, these are the decisions that end up being the detriment of farms longer term because they can't cash flow, they can't live with the decisions they've made when things were really good, when things go back to normal or back to average, whatever you want to call it."

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