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Episode Info:

In today’s episode, Tracy speaks to Terry Betker from BackSwath Management about “The Keys to Financial Success.”

So, what are the keys to financial success for farmers? Terry and Tracy both agree that financials are hands down the keys to financial success in farming operations. So why are they so important, you may ask?

Farm business financials capture financial performance regularly, and without that information, it’s hard to get clarity on what your financial strengths and weaknesses are. More importantly, without that clarity and understanding, all decisions are made in a void of knowledge. These decisions can work out sometimes, however, they can often have very negative financial consequences on the farm.

Terry even goes on to state that financials are incredibly crucial for all businesses, and even more so, for farming operations. As important as they are, Terry shares that many farmers still do not have financials, and if they do have them, a good number of those farmers do not use the goldmine of data that can are found on those sheets of paper.

Join us as we explore the importance of financials, what the most important statements are, and how these documents can be used as the keys to financial success for your farming operation.

Are you experiencing financial stress on the farm? Be sure to download our FREE quiz titled “SPOTTING FINANCIAL DIFFICULTIES ON THE FARM” in order to be aware of the signs and symptoms of personal or business financial difficulties.


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