Planning Ahead: Building a Farm Budget
As 2023 approaches, it’s time to start thinking about planning your farm’s budget. Proper planning ahead of time will help you make major decisions for your operation.
Join FBN®’s Sunday Mancini as she sits down with TJ Wilson to talk about planning ahead and building your budget.
TJ Wilson is the Director of Sales for FBN® Finance. He comes to FBN from a 15 year career in the banking industry working in lending and management roles after graduating from Kansas State University. In addition to working in FBN Finance, TJ is also part of a corn and soybean operation with his family in Northeast Kansas.
What You’ll Learn
Getting started (00:00)
Projecting your income (03:03)
Projecting your expenses (07:17)
Prepping your balance sheet (12:23)
Financial ratios explained (17:35)
Watch Now: Building a Farm Budget
Budget Benchmarking Tools
As TJ mentions, there are a number of tools that are produced annually by different universities across the country. A few good benchmarking tools include those below:
Kansas State University - https://www.agmanager.info/sites/default/files/pdf/Farm%20Financial%20Benchmarking.pdf
University of Illinois - https://farmdocdaily.illinois.edu/2018/09/what-should-my-farm-benchmark
University of Minnesota - https://www.cffm.umn.edu/initiatives/benchmarking/
Financing Support from FBN
When you partner with FBN, you can rest assured knowing you're supporting your operation with affordable financing from a team that’s 100% dedicated to agriculture. To learn more about our finance solutions, we recommend:
For U.S. farmers - visiting our website
For Canadian farmers - contacting your FBN Account Executive
For Australian farmers - contacting your FBN Account Executive
Disclaimer: The material provided is for educational purposes only. It is not intended to be a substitute for specific individualized tax, business, legal, investment or professional advice. Where specific advice is necessary or appropriate, consult with a qualified tax advisor, CPA, financial planner, or investment manager. Neither Farmer's Business Network, Inc. nor any of its affiliates makes any representations or warranties, express or implied, as to the accuracy or completeness of the statements or any information contained in the material and any liability therefore is expressly disclaimed.
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Financing offered by FBN Finance, LLC and its lending partners. Terms and conditions apply. To qualify, a borrower must be a member of Farmer’s Business Network, Inc. and meet all underwriting requirements. Interest rates and fees will vary depending on your individual situation. Not all applicants will qualify.