| Published | 2022-05-13 |
| Platform | Udemy |
| Subjects |
farm working capital, farm financial ratios, How to reduce farm production cost, Financing for agriculture etc.
The farming business has gain root and also seen more developments in this 21st century, the contribution of farming to the economic development of any nation cannot be quantified, in terms of employment farming is doing a great job, by employing a lot of youth most develop and developing countries, the number of people who want to venture into full time farming is gradually reducing because land has become very expensive. l believe there should be a very clear policy direction so that governments across the globe will help their people by acquiring land for them and also helping them with the needed farming inputs to start their business.
The finances of farming business is critical for the success of the farm, most often we farmers take things for granted and do things as usual business but farming need careful financial planning because every dollar you invested as a farmer you should be able to account for it and assess the progress of your farm business to ensure that the business is on the right path. Every overhead expenses on your farm should be accounted for, ensuring a secure cash flow is vital for effective operation of the farm business, but cash flow or good cash flow can be seen when there is effective and efficient productivity, and also the necessary accounting processes is being put in place. We all know that as business people once a while you will take loans for the betterment of your business, but make sure that careful debt management is being put in place so that your farm business will not go to bankruptcy. When selecting financial institution to borrow from them look at the interest rate very carefully and the terms and conditions of the loan.
Information is very important to farming, so us a farmer make sure that you frequently contact your local extension officers so that they can give you the needed assistance and advice you on the progress of your farm.