The past 18 months have been tough on many dairy operators. Throughout this time, we have participated in many interesting conversations where operators are more focused on their future rather than the current environment.

Growing your dairy farm requires a strategic plan, one that positions it for success in the long term. That plan forms the basis for incremental growth, focused on putting numerous small steps together to achieve the desired end result. The key to this step-by-step approach is knowing beforehand what that final goal looks like and developing a strategy to achieve it.

“Nothing I say is going to change the economic outlook of the dairy industry,” John Blanchfield said, as he began his presentation on helping producers shockproof their finances in the current dairy market.

When contemplating renting a facility for animals, it can be difficult to know how to calculate the value. There are standardized formats for renting other properties and assets, but no simple formula for computing livestock facilities’ worth.

With all of the bad news and market challenges dairy farmers have been contending with during the past year, Michael Hosterman, agricultural business consultant with AgChoice Farm Credit, has a bit of positive information for producers looking to make improvements to their dairy business during 2019 and beyond.

With the end of another year, now is the time to brush up on key financial ratios and cost drivers that will assist in evaluating your farm’s performance.

It’s always a good season for saving money, whether commodity prices are high or low. Energy costs on your dairy can often be reduced by 10 to 35 percent, saving you money in the long run.

With decreasing commodity prices, many farmers are looking for ways to raise cash and pay down debt. One strategy that is often considered involves selling farm assets that are no longer used (or have become unproductive).

If you are making milk these days, then you are making money. It definitely feels good for a change, and optimism that these prices may be around for a while is everywhere. So now that there is some extra cash left over in the bank account, the question is: What to do with it? The answer is: “It depends.”

I was born and raised in St. Charles, a rural town in southeastern Idaho. No, my parents didn’t run a potato farm, although the size of our potato garden might lead you to believe so. Rather, we ran a small cattle ranch.