Farmers are great at growing crops and raising livestock but I don’t know many that really like to crunch the numbers. I feel that farmers are naturally entrepreneurial and tend to keep the farm financial plan in their head. For many farmers this works but it can result in some surprises from time to time. When we don’t review our financial plan and results our assumptions are sometimes proven wrong.
At the Tiffin Conference in Lethbridge I had a very interesting chat with Mike Whitlock, President of Tannian Consulting about farm financial planning. As Mike and I discuss there is nothing wrong with getting the numbers our of your head and onto some paper. Mike mentions in the interview that the bookkeeping and financial work is a great thing to outsource to get it off your plate so you can focus on running the farm.
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