Every year presents its own set of challenges for pig farmers, from disease breaks to trade wars, and now a human virus pandemic. A number of these market-impacting factors have aligned to create financial-challenging times.
Spencer Wayne of Pipestone Veterinary Services visits with Jim Marzolf, vice president of Pipestone Business Services, on a recent SwineTime podcast to talk about actions producers can take right now in these tumultuous times regarding bookkeeping practices and how to navigate financially.
While the industry supply chain is telling producers to decrease the supply, what is a producer to do when profits are low?
- How can you preserve equity?
- What is the proper way to make decisions?
- Should your operation expand or contract?
- Which farm assets do you keep in service?
- Is your working capital position driving decision making?
Gain a deeper understanding of how to be profitable during these times by mastering the following concepts.
- Margin over feed cost
- Capital purchases
- Standard of living
- Working with lenders
Pipestone Business Services assists the farmers of today to create the farms of tomorrow. Providing best-practice guidance and solutions for farmers to withstand economic downturns, position them for growth and profitability, and assist in maintaining generational control of their farms. The SwineTime podcast was created for the pork industry and individual pork producers around the country. Hosted by Wayne, the podcast contains pork industry news, advancements in animal care and how to enhance your productivity.
Monthly podcasts are available on Spotify, Google Music, ITunes, Anchor and on Pipestone.com.