This is a guest post by Cooperative Extension Intern Preston Ellis. This is valuable information for farmers who are considering new enterprises.
Economic decisions can be some of the toughest decisions we face on a daily basis especially when managing a farm or business. Maintaining your budget and finding your opportunity cost is an easy way to help you make those decisions and maximize profit as well.
Economic decisions can be some of the toughest decisions we face on a daily basis especially when managing a farm or business. Maintaining your budget and finding your opportunity cost is an easy way to help you make those decisions and maximize profit as well.
Budgets are very useful in regards to having a place to put
down where and how you spend your money as well as where your money is coming
from. It is important to have a budget because not only will it give you a
representation of the current fiscal year you are in, but it will also allow
you to budget out future cost and profits so that you can forecast future
years.