![]() If the producer has had a similar operation in the past and tried to make a profit or if they turned a non-profitable business into a profitable business. This is where farming experience comes into play. Successfully making a profit in the past in similar activities.Having one or more of these professionals to go to when making decisions about your operation can not only help your operation but also proves you are running your farm like a business. Examples of advisors are a CPA, financial advisor, UK Farm Management Specialist, crop scout, or a grain marketer to name a few. You have advisors to help you carry out your farming business.As long as the producer has a way to track income and expenses, and make necessary adjustments when losses occur, the producer meets this guideline. Thorough recordkeeping and enterprise analysis will help producers track income and expenses and monitor profits and losses. Changing aspects of your operation to improve profitability.Losses can happen at every turn in farming not without anyone’s help, the weather and grain/livestock markets are two great examples. As long the producer does not intentionally create losses in their farming, this should not be an issue. ![]()
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