Solid financial planning is critical to the success of any small business, and farming is no exception. If you do not have a clear picture of where you are, how can you know where you are going? In this episode I stray from my normal format to bring you more insight into the difficult decisions I have had to make lately.
I discuss how important it is to create a Profit and Loss Statement, and I even discuss some of the details of mine. In the interest of full disclosure, I am including a link to download the Excel Spreadsheet detailing my Chicken CSA.
I hope this helps you in creating you own financial planning. Later on on this year on FarmMarketingSolutions.com I will post a video where I walk you around the sheet to show you the equations I used in creating the statement, and how I arrived at some of those numbers. I don't want to overload you with too much information in one go.
I want to share my information because a friend shared his with me. I was able to create mine using a similar structure to his, and a little of my own deductive reasoning and Excel skill (though I'm not whiz at Excel). I chose not to include the tabs for what our fixed expenses are and what some of the other income streams might produce. I have nothing to hide, as I shared the numbers on the podcast, but I think this is surely enough to get you started.
In this farm podcast you will learn:
- The importance of financial planning.
- How Profit and Loss Statements will help you plan for a more profitable future.
- How I arrived on the business strategy that I am implementing.
- How much you feedback on social media and iTunes means to me.
Items mentioned in this farm podcast include:
Note: Some of these links are affiliate links. I earn a very small commission if you purchase something through them, at no extra cost to you.
Do you know what you fixed personal expenses for the year are?
Do you have an idea of where your business stands financially?
What are you doing to plan for the future?
Thank you so much for tuning in week after week! It is a pleasure to bring you the podcast, and I truly hope it helps you find success.
My skills are ever-evolving as an interviewer. Thanks for taking the time to listen in, and let me know what you think of my farm podcast. You can leave a comment below, send me an e-mail, reach me on Facebook or Twitter, or leave a rating in iTunes if you liked the show.