Most leaders of a farming operation know the importance of keeping up-to-date financial information for common purposes like tax returns or getting your banker the information they need to extend a line of credit. But there's so much more you could be getting out of that data that you might not have even considered.
Specifically, your farm's previous numbers - provided you collect and maintain the right data - can help you not only evaluate how you're doing for the current crop year, but also help guide your decisions toward better outcomes. Everyone wants to know how their operation stacks up to their neighbors, but in his latest Finance First blog, Darren Frye explains how the best way to gauge your operation's progress each season is not to compare your numbers with your neighbors, but to benchmark against your own historical data.
Read more about it and learn how to take the first steps toward your own historical benchmarking at Farmfutures.com.