Keys to Financial Success
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1 Keys to Financial Success Steps of Management Identification Evaluation Treatment Implementation Monitoring Dennis Stein District Farm Management Educator Michigan State University Extension 1 3 Farm Management The process and practice of getting the job done today, while building the foundation for what will need to be done in the future. It combines both Mission and Vision into a functional business. Can be done by one or more individuals. 2 First Step Build a business plan Build a personal/ individual plan Develop that plan/outline, or road map of where you would like to go from here! 4 1
2 Farm / Family Mission Statement Mission statement is what your family value most! Do have one? Do you know what it said? If you do not have one you may need to get one! Inventory Resources Financial position Land & equipment base Human resources Location & market opportunities Experiences & Education Physical resources, land, equipment 5 7 Farm/ Family Vision Statement Farms Vision: Should identify where it is your family see s the farm in 5 to 10 years! Why is this important? What can a vision statement say? Who should be part of the process to build this vision? Know your financial position Balance Sheet/ Net Worth Statement Cash flow tracking monthly Profit and loss Annual Financial Business Analysis & Trend Analysis 6 8 2
3 Monitor you financial position Annual financial analysis Net worth change Operating Profit Margin Return to equity Debt to asset ratio Detail you costs of production Manage you tax position Financial Guidelines 5 Major Categories 16 Ratios/Margins 1. Liquidity 2. Solvency 3. Profitability 4. Repayment Capacity 5. Efficiency 9 Evaluate your financial position Benchmark you financial position Identify your strengths and find ways to grow them If you focus on and divert your resources to what you do well, the negatives will often fade away (use financial ratio s score card as a tool!) 10 3
4 Debt to Asset Ratio Total Farm Liabilities divided by Total Farm Assets What % of my business assets do I owe to creditors Measures business solvency Higher ratio = greater financial risk Goals You have to define them You develop a plan of action You communicate the goals and action plan You adjust to the obstacles and road blocks 15 Rate of Return on Farm Equity Interest rate your investment in the business earned in the past year Highly leveraged and under capitalized farms can get wild results Comparing across farms is more meaningful using market values Tactical focus on goal What is the task to be done? Who is responsible? How is the task to be done? When is the deadline? 16 4
5 Recruit your team Family, Friends and Mentors Lender Financial advisor- tax man Production advisors Legal advisors (Do not take on the world standing alone!) 17 Implementation Selection of an issue to take action on! Team approach 19 Business organization C- Corporation Sub-S Corporation LLC Limited Liability Company Partnership Sole proprietorship Combination of these! Defining Risk Management Everything you do that can impact your bottom line and your long-term growth in net worth
6 Production Marketing Financial Legal Sources of Risk Human Resources Monitoring Performance Balance Changing conditions Advisory group Rankings of Risk Exposure Evaluation of Risk Output price variability Yield variability Operator injury, illness, or death Changes in government programs Changes in environmental regulations Costs of inputs Patrick and Ullerich, 1996, Purdue University
7 Treatment of Risk Thank you! AVOID/REDUCE/ RETAIN AVOID/REDUCE/ RETAIN AVOID/ TRANSFER REDUCE/RETAIN/ TRANSFER 25 Any Questions? Dennis Stein 362 Green Street, Caro, Mi Ph# (989) Fax (989) Web: 27 Summary Review your business plan goals risk tolerance risk exposure Understand risk management methods, tools, and interactions Build your risk management team What are your financial factors? 26 7
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