February 23, 2011
Contact: Anita Deming, 518-962-4810 x409

Training Helps Farmers Manage Cash Flow & Costs and Plan for Profitability

Northern NY -- Ever asked yourself “How am I going to pay that bill?” or “Where is the money going?” Would you like to be prepared for that proverbial “rainy day” that in the farming business that can sometimes be more like a tsunami threatening your family and livelihood?

Then sign up for the two-hour Take Control of Your Business: Managing Cash Flow training to be offered from 12:30pm to 2:30pm on:
• Tuesday, March 8 at the Franklin County Court House Kitchen Conference Room, Malone,
• Wednesday, March 9 at Cornell Cooperative Extension Clinton County, Plattsburgh, and
• Thursday, March 10 at Cornell Cooperative Extension Essex County, Westport.

Course instructor Anita Deming, executive director of Cornell Cooperative Extension Essex County, says, “We want our farmers to be prepared for those times when feed and other costs may be high and milk prices and dairy income may be low as well as take advantage of good recordkeeping as a way to improve and plan for profitability.”

Deming adds that farmers who want to know they are prepared for periods of high and low cash flow will benefit from this training.

“This educational opportunity goes well beyond just keeping a checkbook and offers the opportunity to analyze your business and plan for stability and profitability,” Deming says.

Course sections address the factors influencing cash flow vs. profitability, the seasonality of farm cash flow, and how better records lead to better decision-making. For example, a farmer who operates a dairy, raises heifers, and sells crops needs to keep records on each activity to know how much each area is costing and what it brings in.

A course section on reconciling records and cash flow takes into account expenses, earned and borrowed dollars, and debt payments and will help farmers track their bookkeeping and determine their accuracy.

Deming says this course is a good preparation for farmers interested in one-on-one assistance from Cornell Cooperative Extension farm business educators with participating in the Dairy Farm Business Summary program.

Pre-registration one week before the course date is requested. Contact Cornell Cooperative Extension in the county of your choice: Clinton County: 518-561-7450, Essex County: 518-962-4810, Franklin County: 518-483-7403. Credits are available for Farm Credit borrowers. #