What sets successful dairies apart from the rest of the industry? According to agricultural economist Bruce Dehm, president of Dehm Associates LLC, there are four key indicators of success: efficient milk production, low or profitable cost per hundredweight, effective management, and financial stability/sufficient cash flow and equity.

Twenty-five miles inland from the Atlantic coast, along the Savannah River, you can still see the rise and fall of the ocean tide.

Many business owners and farmers often do not prepare their own federal tax forms due to the complexity of the tax laws. At the beginning of each year, farmers must review their recordkeeping, generate income and expense reports, capital asset purchases and sales lists, and meet with their tax professionals.

With all the talk around interest rates, inflation and feed prices, I’d like to take some time to work through how they will impact your farm and the dairy industry as a whole in 2023.

Farm profitability faces significant pressure in 2023 as availability and high costs for farm inputs continue to be concerns. Deciding when to buy products and at what prices is a challenge given global and domestic market uncertainty. To secure products at reasonable prices, consider creating an input purchasing plan.

It’s been quite a while since dairy operators have had to budget for interest rate expenses. But the Federal Reserve raised interest rates six times in 2022, and policymakers expect more to come in 2023 in an effort to slow inflation by increasing the cost of borrowing.