Farming finances have seen big changes, part two

FARM FUTURES LOGO - SQUARE.png

Last week Darren Frye told us how farm finances and financial management strategies have changed over the past two generations. This week we move into the realm of the changing focus of farm leaders today, compared to that of their grandfathers. Whereas Grandpa thought of himself as sort of a craftsman, today's farm leadership needs to bring in a more business-minded focus, like adapting the skills of Fortune 500 CEOs.

In Grandpa's days, it was well accepted that the longer and harder days you worked, the more seed you planted, and that meant you were more likely to have a higher yield than your neighbors, which meant more success.

Nowadays there's a lot more to it than just tractor time. It's about working smarter as much as it is working harder. It's about financial management skills, creating and adopting processes, and, among other things, communicating with your lenders.

Darren says there's more to banker communication, too, than in Grandpa's day. He shares those insights in this week's Finance First post, only at Farmfutures.com.