It's no secret the ag community is in an economic downturn. This makes closely managing cash rent costs even more important to your farm's overall success. The farmers that are having the most success with their cash rent situation are really good at doing three basic things while keeping their operation's overall success foremost in their minds:
- They know the exact cost of farming each piece of rented ground
- They track whether that ground is performing at a satisfying level
- They build strong landlord relationships and work to hone their own negotiation skills
In this week's Finance First post, Water Street CEO Darren Frye discusses how to achieve these goals with some self-analysis questions to get you on the right track. Experiencing more success with cash rent ground requires dedication and a willingness to have some tough conversations or make difficult decisions, but it can be done. Start with Darren at FarmFutures.com.