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For decades, our accounting firm has produced quarterly dairy farm cost studies for our dairy clients and others to use for benchmarking and profitability improvement.
The year has certainly flown by. After a drawn-out spring gave way to summer, fall is now here. We hope extended warm temperatures allow corn to continue to mature, allowing dairy producers to build adequate inventories of good-quality feed for the year ahead.
Why do banks require financial statements? Financial statements provide the bank reassurance that the operation is in compliance with covenants as set forth in their agreements.
Following the theme of the 2019 Progressive Dairy Operators (PDO) Triennial Symposium, “Managing disruptors on the dairy farm,” three dairy producers shared the methods they use to manage in this changing industry.
Two Midwest dairies shared their strategies for managing costs during the 2019 Four-State Dairy Nutrition Conference, held in Dubuque, Iowa, this past June.
Whether it’s a piece of ground you’ve rented for years, one that’s been passed down in the family for generations or an acreage up for sale a few miles from the home farm, there seems to be a “more is better” mentality when it comes to land ownership and control.
Due to the cyclical nature of the industry, resiliency is a valuable trait for dairy operations. But it’s especially important as operations return to profitability.
“We are just going to hang on and hope for better days ahead.”
How many times have you heard fellow dairy producers proclaim those words – or even uttered them yourself?
If you look up the word resilience in a dictionary, you’ll find one definition says it’s “the capability of a strained body to return to its original shape after being put under stress.” Another defines it as “the ability to adapt or adjust to misfortune or change.”
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