Everything you do on the farm as a leader has either positive or negative implications, and in times where margins are tight, each good or bad management practice adds up even faster. Having the dedication to educate yourself so you arrive at the best possible decisions for your farm -- whether it relates to production, personnel, bookkeeping accuracy, finances or any other facet of farm management -- goes a long way toward reaching the operation's goals.
One thing Water Street Account Manager Jason Ladman recommends is always having your true breakeven numbers at hand to help you make better, more well-informed decisions. A breakeven that is complete and always updated as things change. A breakeven that includes even expenses that might not jump immediately to mind, like machinery investment for instance. The more detail you can incorporate into that calculation, the more informed you will be for making crucial financial decisions for the farm.
Jason recently spoke with broadcaster Dewey Nelson on this topic. Listen below for the whole conversation.