Bell Bank senior vice president Lynn Paulson says cost control and management skills will be a must this winter. “We’re still on the heels of that super-cycle when things were really good and farmers often think the situation we’re in now is an aberration.” Paulson would like to see producers take their production acumen and put it into financial management. “They’re great at producing a crop, but often come up short in financial management with recordkeeping, knowing the cost-of-production and all of that. They have the ability to do that, but they measure success by the size of the crop and not necessarily on their working capital position or debt-service coverage and we need to work more in that direction.”
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