Time for Budget Planning

Harvest dominates the schedule and the mindset at this time of the year. However, Farmers Business Network Director of Finance Sales T.J. Wilson says it is also time to be building out a budget and a marketing plan for next year. “Cash flows are going to be very tight again next year so I think it is extremely important for producers to understand where they are and where they want to be at the end of next year.” The farm economy is in a difficult position. “We’ll likely see some backward equity movement for producers,” said Wilson. “Luckily, land values have been strong and look pretty strong for next year.” To build a budget, Wilson advises farmers to consider their best and worst-case scenarios.