Farm Financial Best Management Practices

Successful farm business owners know that financial management is an important part of managing a business. Financial management is particularly challenging in uncertain times. Below are resources to help farm business owners assess their financial situation and make the best decisions.

Tools for Diagnosing Financial Challenges

  • Diagnosing and Managing Cash Flow Problems (10-021) - While all business owners hope their businesses will never have financial problems, in reality, most businesses experience financial pressure at some point in their existence. This factsheet is designed to help you diagnose a cash flow shortage and take some steps toward correcting it.
  • Looking for a Farm Business Advisors. Search by Region or by Name.
  • Farm Business Decision Calculators - Farm Business Decision Calculators - In order to make accurate business decisions, all farmers will need to know what their financial position is and your breakeven point. Farm Business Decision Calculators are available for most crop and livestock farmers.

Tools for Assessing Your Options

A summary of programs and services available to Ontario farmers thanks to funding from the Ontario and/or Canadian governments is available in Programs and Services for Ontario Farmers.

  • The Growing Your Farm Profits workshop is available as a 2-day workshop and as an eLearning course. These tools will help farm business operators develop a practical, flexible business plan to maximize their business goals.
  • The Growing Your Farm Profits Online Farm Business Self-Assessment Tool will guide you through the creation of a logical, practical Action Plan including setting goals and priorities.

Tools for Managing Your Farm Finances

  • 2015 Illinois Farm Economics Summit - Managing In a Margin Squeeze - Speakers from the farmdoc team at the University of Illinois explore the farm profitability outlook and management challenges from several perspectives, including the 2016 outlook for prices, farm income prospects, land rents and valuation, long-term credit cycles, nutrient management, and the outlook for conventional bio-fuels.
  • Diagnosing and Managing Cash Flow Problems (10-021) - While all business owners hope their businesses will never have financial problems, in reality, most businesses experience financial pressure at some point in their existence. This factsheet is designed to help you diagnose a cash flow shortage and take some steps toward correcting it.
  • Choosing a Business Consultant (16-021) - A business consultant supplements your existing knowledge, allowing you to make sound, informed decisions. Understanding this is critical to creating a good working relationship that achieves desired results. This factsheet provides information to help you understand the consultant's job and your responsibilities.
  • Centre for Farm Financial Management Interpreting Financial Statements and Measures On-line Workshop, University of Minnesota.
  • Lease agreements provide an alternative to purchasing assets that may be the right option for you. Information on various lease agreements for land, crop share, equipment, buildings and pasture are available on our website.
  • Other information that may be useful from capital investment decisions to managing your staff, is available on the Agricultural Business Management section of the OMAFRA website, providing you with the tools you need to make informed business decisions.

For more information:
Toll Free: 1-877-424-1300
E-mail: ag.info.omafra@ontario.ca
Author: OMAFRA Staff
Creation Date: 4 October 2017
Last Reviewed: 4 October 2017