If the farm is waiting for the tax filing to sort out profit and loss, decisions are being made for close to a year, and maybe more, without a full financial picture.
Budgeting may be up there on the favourites list with a root canal or unclogging toilets; it’s rare that someone really loves developing and fully costing a budget. But the value in doing so — with realistic or farm-true values — can pay real dividends in the short and long term.
For this episode of Mind Your Farm Business, Mark Wobick, farm management consultant with MNP, discusses some of the reasons creating a farm budget can pay, and what components need to be included. Better financial and production decisions start with better budgets!
Listen below or download this episode of The Mind Your Farm Business podcast to listen later!
Disclaimer: Royal Bank of Canada and its subsidiaries are not responsible for the information provided in this podcast, and this information does not necessarily reflect the views of Royal Bank of Canada or any of its subsidiaries. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its subsidiaries.