Faced with tight margins and rising costs, Agricultural Economic Insights co-founder and managing partner David Widmar says careful financial planning is more important than ever. Speaking at NAFB Trade Talk, Widmar emphasized the need to track profitability, working capital, and debt obligations. “So if you think about this as profits as the water going into the barrel and then the cost of debt service, family living and the capital purchase, those are the draws on that barrel, we’ve got to make sure those get in the balance.” Widmar said operations must adapt to the realities of the current economy to regain financial stability. “You have to maintain your resolve that this is going to happen, but you can’t lose focus. You can’t just blindly hope that it’s going to improve.”
