We often hear of the importance of trade, with headlines updating us on international trade deals. But, that’s only the tip of the iceberg. With each trade deal there are opportunities and risks, and it’s up to individual businesses, including farms, to assess how they could be impacted. “We’re a trading country and our agri-food sector depends… Read More

“Innovation” is a buzzword in today’s world, often associated with technology, but it’s not necessarily about gadgets, as our guest for this episode in the Mind Your Farm Business series points out. “Innovation really is about grabbing ideas from other parts of the planet or other ideas you see people doing and bringing that back… Read More

When thinking about risks to your farm, what comes to mind? Weather and market risks are usually at the top of the list, but there are many other areas where a farm business may be exposed. These risks are often unrecognized because nobody’s taken the time to go through an exercise of assessing risks and determining… Read More

In the past, farms looking to grow simply bought more land, but that’s not as easy as it used to be. Rising land prices are forcing producers to be creative in finding opportunities for growth, which in some cases leads to joint ventures, mergers and acquisitions — the topic of this episode of the Mind Your Farm Business podcast. “The… Read More

In what areas does your farm business excel? What are you poor at? And how can you respond to make improvements? Self-assessment and continuous improvement are what separates high-performance farms from the average. Rob Hannam, President and Client Director of Synthesis Agri-Food Network, joins us for episode 14 of the Mind Your Farm Business podcast… Read More

Forget the silver bullet, whether it’s some nonexistent piece of machinery or the latest snake oil crop input. In reality, the key to boosting a farm’s bottom line is incremental improvements that add up. Kristjan Hebert (@kristjanhebert) is a farmer from Fairlight, Saskatchewan and a proponent of the “five percent rule” — a philosophy advanced by Danny Klinefelter of Texas A&M that stresses… Read More

In case anybody needs reminding, agriculture is a cyclical business. It’s important to pad the balance sheet during good years to ensure a farm or business remains healthy during tougher times, as parts of the ag industry are experiencing right now. In this “Mind Your Farm Business” episode, we focus on using a balance sheet… Read More

Financial ratios serve three main purposes: they provide a quick assessment of a business’s financial health, they’re a tool for diagnosing financial problems if they exist, and they serve as a measurement for assessing whether problems are being solved. “They show you where you’ve been, they show you where you have a problem and they… Read More

What comes to mind when you hear the term “accrual accounting?” Perhaps you flashback to filing your taxes last year when your accountant suggested switching to accrual accounting, but you’re weren’t sure what it meant and why it would be worth the hassle. Maybe your mind immediately goes elsewhere — what’s for supper tonight? Well, as dry as it may sound,… Read More

Is there an ideal exchange rate for Canada’s agriculture industry? That depends, of course, on what you’re selling or what you’re buying, and it’s rare to win on both sides of that equation. What’s more, farmers have no control over currency changes, so how can farmers best prepare for managing currency risk? That’s the topic… Read More

There are sound reasons to incorporate the farm — significant financial reasons, operation benefits and very real long-term business planning implications. But if incorporating is so beneficial, why aren’t most farms carrying the Inc. behind the business name? In this episode of Mind Your Farm Business, Shaun Haney asks veteran farm management advisor Merle Good… Read More