Used to be, if you were a farmer who planted more and worked longer and harder hours than your neighbors, you were likely to come out on top, with a larger yield and consequently more success than your peers. These days it takes more than some extra effort in the field to be a success. Producers are beginning to recognize that the business, financial and people aspects of farming are just as vital to an operation's survival as the production side.
Part of the business acumen required for today's farm leader is being able to communicate effectively with your banker. Gone are the days when banks focused on a farmer's equity. Regulation demands that today banks look at so much more when considering a loan.
Darren Frye has ideas for communicating well with your lender, and he shares them in this week's Finance First post on Farmfutures.com.