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Financial Management – Statements & Analysis

A series of financial management articles that examine financial statements and financial analysis. Financial management involves the evaluation of liquidity and solvency, financial planning, acquisition and use of financial resources, asset purchases and farm growth, and relationships with agricultural lenders.

Is it Feasible for my Farm to Add an Operator or Hired Employee?

As a farm expands, it is important to evaluate the feasibility of adding an operator and/or hired employees as well as the feasibility of purchasing or renting additional land, and machinery and equipment.  The feasibility of augmenting labor on a farm depends on two critical factors: gross revenue and profitability.

International Differences in Labor Efficiency and Productivity

Examining the competitiveness of crop production in different regions of the world is often difficult due to lack of comparable data and agreement regarding what needs to be measured.

Assessment of Management Skills

Assessing management skills is an important part of benchmarking farm performance and figuring out where improvements may be needed.

How Can I Improve Labor Productivity?

Labor efficiency and productivity can be improved by examining per unit costs among inputs and making appropriate adjustments to a farm’s input mix.

Self-Propelled Spraying: Machinery Ownership vs. Custom Hire

When crop producers are determining whether it is feasible to purchase a self-propelled sprayer, it is imperative to compare machine ownership costs to custom hire charges.

Managerial Experience and Competitive Advantage

One of the ways a farm can gauge whether it has a long-term competitive advantage is to identify resources unique to the farm. To survive in the short-run, farms have to be able to exploit key resources.

Should Sweat Equity be Used to Compensate a Returning Family Member?

Sweat equity may arise when an on-farm heir is paid less than their true opportunity cost to work for the business and/or the business has grown substantially due to the abilities and efforts of the on-farm heir.

Benchmarking Machinery Investment and Cost

The continued increase in size of tractors, combines, and other machinery has enabled farms to operate more acres and reduce labor use per acre. However, this increase in machinery size also makes it increasingly important to evaluate the efficient use of machinery.

Structural Change in Agriculture: Implications for the Farming Sector

The global food and agribusiness industry is in the midst of major changes – changes in product characteristics, in worldwide distribution and consumption, in technology, in size and structure of firms in the industry, and in geographic location of production and processing.

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