| PROJECT SUMMARY |
Twenty five farmers and ranchers in Eastern Washington performed a comprehensive financial analysis of their operation to evaluate its financial position and unit cost of production. Two alternatives to their operation were analyzed that could improve its profitability. Producers then developed and instituted a farm plan to overcome operational and financial hurdles anticipated in instituting alternatives. Financial insecurity and stress from escalating input costs, stagnant commodities prices, and decreasing profitability motivated them to conduct this analysis.
Team members coached producers during an introductory workshop followed by five plus on-farm consultations. Consultations were designed to overcome known barriers to comprehensive farm financial analysis; it is foreign, it can be tedious, farmers lack the necessary analytical toolbox, and farmers are busy with day to day farm operations. Consultations were scheduled within a one month period during the producers´ slower season.
This project addresses production and financial risks.
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| NUMBER OF PARTICIPANTS: 25 |
| TOPICS COVERED |
| Product and enterprise diversification |
| Financial records, analysis, and bench-marking |
| Capital and financial assets |
| Credit |
| Understanding of economic risks associated with new production technologies |
| Business and strategic planning |
