By Matt Huster
Matt Huster serves FCS Financial as Executive Vice President/Chief Credit Officer. Huster has over 20 years of experience leading teams in agriculture credit and underwriting. He was born and raised in eastern Missouri and graduated from Northwest Missouri State University with a degree in ag business.
Harvest season is one of the busiest and most demanding times of the year. Combines are rolling, trucks are hauling, and attention is focused on getting crops out of the field. With so much going on, it’s easy to view financial reviews as something that can wait until winter.
I would argue the opposite. I once heard a well-respected economist tell a group of farmers that using a business plan doubles the opportunities for profit.
Harvest is one of the most valuable times to dust off your financials because it provides a real-time look at how the year is shaping up and what adjustments may be needed before year-end.
Too often, financial statements are treated as historical documents. Once the books are closed, the opportunity to make meaningful changes has passed. During harvest, however, financial information can serve as a management tool rather than a scorecard.
Click here to see more...