{"id":11014,"date":"2025-05-08T10:04:49","date_gmt":"2025-05-08T14:04:49","guid":{"rendered":"https:\/\/elainefroese.com\/?p=11014"},"modified":"2025-05-08T10:07:42","modified_gmt":"2025-05-08T14:07:42","slug":"common-pitfalls-in-farm-finances","status":"publish","type":"post","link":"https:\/\/elainefroese.com\/2025\/05\/08\/common-pitfalls-in-farm-finances\/","title":{"rendered":"Common Pitfalls in Farm Finances"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;section&#8221; _builder_version=&#8221;4.24.2&#8243; collapsed=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row admin_label=&#8221;row&#8221; _builder_version=&#8221;4.24.2&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; custom_padding=&#8221;||1px|1px||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Text&#8221; _builder_version=&#8221;4.27.0&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/NsrRFXxoGv4?si=TcPdJomdP1WGVuRd\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">Farmers face the daunting challenge of thriving amid market volatility, rising input costs, and unpredictable incomes. These factors highlight the importance of financial management on your farm. As I work with farm families to optimize their operations, I\u2019ve come across many common pitfalls that may be harming your income-producing potential.\u00a0<\/span><\/p>\n<p><strong>Inadequate Cash Flow Management<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Unlike other industries, cash flow management can be particularly difficult for farmers due to the fluctuations in the timing of expenses and income. It can be impractical to have consistency from year to year when high, upfront input costs can send your expenses through the roof. While it may not be feasible to have a consistent amount of cash in the bank, consider what you do have the ability to control. For example, having a sum of cash set aside for tough years could be a good way to protect your operations from the inability to pay important bills. It may seem like an obvious first step, but using your historical financial information to determine how much cash is required to run operations in an average year may be a good place to start when evaluating how to best manage cash. While improving record keeping may be the priority, focusing on analyzing the farm\u2019s future cash requirements can safeguard you from a major pitfall: the over-reliance on credit. If you are not aware of the cash requirements for the operations, you may find yourself forced to use credit to cover cash flow gaps, which may be costing your bottom line with high interest.\u00a0<\/span><\/p>\n<p><strong>Not Managing Debt Effectively<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">While debt can be a tool to leverage income-producing assets, I\u2019ve seen some farms accumulate too much debt. The obvious impact of overleveraging can be the risk of interest rates further damaging the farm\u2019s cash flow position, inability to make the required payments, and ultimately, the damage to future lending opportunities in the case of default. If your farm is currently struggling with managing debt, consider prioritizing high-interest debt payments and make sure to spend adequate time refinancing when interest rates drop to ensure you are taking advantage of market savings where possible. It is important to have ongoing discussions with your accountant or financial advisor to make sure your debt management strategy is appropriate for your specific operations.<\/span><\/p>\n<p><strong>Lack of Diversification<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Most farmers will have specific industry strengths that make it easy to invest the bulk of their time and money into one specific area of farming. This can significantly impact cash flow management, as most of your income may be reliant on a single revenue stream. It may be time to start thinking outside the box. I\u2019ve seen cattle farmers open storefronts to sell their beef alongside other locally sourced meats, I\u2019ve seen potato farmers branch out into the liquor industry, and grain farmers expand into apiculture. While some options may seem particularly cumbersome, consider how expanding into another revenue stream could complement your existing operations. However, be aware of the risk of overexpansion. Expanding too quickly without adequate financial resources or market analysis could cause more harm than good.<\/span><\/p>\n<p><strong>Risk Management<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Risk management in all its forms, crop and livestock insurance, futures contracts, and government programs being the primary avenues, may be an area your farm can improve. It can seem like an impossible balance between managing risk and avoiding overspending on expensive premiums, but it may be wise to consider whether you notice a specific trend. Everyone has a risk tolerance level, and it may be useful to identify yours. Are you noticing consistent overspending on insurance out of fear of every worst-case scenario? Are you taking advantage of government programs that may be beneficial, such as AgriStability and AgriInvest? Are you staying up to date on available grants for specific investment opportunities that your farm may be undertaking?\u00a0<\/span><\/p>\n<p><strong>Misaligned Investment Priorities<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">This pitfall seems to be significantly more predominant in operations that are managed by more than one individual. Allocating funds to areas that may not be providing a solid return on investment could be causing the farm to struggle with cash availability. An example would be one \u201cunaligned\u201d individual investing in non-essential equipment upgrades when the cash could have been better used to improve soil health for an increase in yields in future years. Not saying equipment upgrades are non-essential, under certain circumstances, it can be critical to upgrade equipment. The importance lies in ensuring all decision makers are on the same page, requiring constant communication. If this is a pain point that your farm is experiencing, it may be worth it to implement some policies to safeguard against unnecessary spending. An example could be to require two signatures on every cheque over a certain dollar amount so that significant purchases are reviewed by another individual.\u00a0<\/span><\/p>\n<p><strong>Neglecting Technology Adoption<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">The farm technology world is developing at a very fast pace. This pitfall has two areas to watch out for: underinvesting and investing too quickly. I have met many farmers who are reluctant to invest in new technology, and, on the flipside, many who have allocated resources to several new pieces of technology regardless of their viability. Both sides have significant potential negative impacts on the farm\u2019s profitability. While choosing not to invest in technology could drastically impact potential efficiencies, it could also play a role in the workforce your farm attracts. It is also important to consider the long-term plan of your farm: Are you contemplating handing the farm operations to the next generation at some point in the future? It may be wise to gradually invest in new technology to support the next generation, ensuring they won\u2019t face the burden of making drastic, costly upgrades to modernize the operation once they take over.<\/span><\/p>\n<p><strong>Neglecting Succession and Estate Planning<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">It can be easy to put succession planning on the back burner year after year. Unfortunately, one can never truly know when it may become \u201ctoo late\u201d for estate planning. It is best to initiate these discussions early and frequently as you consider transitioning your farm. While it may be obvious to include farming kids in the discussion, also consider the importance of involving non-farming kids. Fair does not always mean equal, but the more conversation that takes place around these topics, the fewer surprises there will be for everyone involved. Not to mention that the earlier you discuss these topics with your team of advisors, such as your lawyer and accountant, the more tax planning opportunities may arise, keeping more money in the jeans of future farmers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The unique struggles that farmers face often breed resilience and strong work ethics. While some struggles may be good for your mental toughness, consider how cash management, diversification, risk management, and investments could reduce the unnecessary struggles faced by your farm. A few visits to your accountant may provide a tailored solution based on your farm\u2019s financial health, easing the pressure of making significant decisions on your own.\u00a0<\/span><\/p>\n<p>Did you enjoy <em><strong>Common Pitfalls in Farm Finances<\/strong><strong>?<\/strong><\/em> You might want to check these articles out too:<\/p>\n<p><strong><a href=\"https:\/\/elainefroese.com\/2025\/04\/24\/adapting-to-change-with-the-power-of-grief\/\" target=\"_blank\" rel=\"noopener\">Adapting to Change with the Power of Grief<\/a><br \/><a href=\"https:\/\/elainefroese.com\/2025\/04\/10\/transition-plans-embracing-change-in-farm-leadership-legacy\/\" target=\"_blank\" rel=\"noopener\">Get Great Transition Plans in Place Now, and Make My Heart Sing!<\/a><br \/><a href=\"https:\/\/elainefroese.com\/2025\/03\/27\/grandma-stop-hurting-your-familys-transition\/\" target=\"_blank\" rel=\"noopener\">Grandma, Stop Hurting Your Family\u2019s Transition!!<\/a><\/strong><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;Section&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row admin_label=&#8221;Row&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.17.6&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/elainefroese.com\/wp-content\/uploads\/2025\/01\/Key-Challenges-Audit-Sheet.jpg&#8221; title_text=&#8221;Key Challenges Audit Sheet&#8221; url=&#8221;https:\/\/elainefroese.com\/insights\/free-stuff\/key-challenges-audit-sheet\/&#8221; url_new_window=&#8221;on&#8221; admin_label=&#8221;Image&#8221; _builder_version=&#8221;4.27.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Struggling with cash flow or debt? Learn 7 common farm finances pitfalls and how to improve your operation\u2019s financial health.<\/p>\n","protected":false},"author":66,"featured_media":11016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"<iframe title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/o4K6bItAbCY\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe>\r\n\r\nHarvest is in full swing on our farm, and I am not there\u2026for a few days. Where is it written you cannot leave the farm during harvest? (Almost on every page of the unpublished book \u201cThe Culture of Agriculture.\u201d)\r\n\r\nIf you are one of the 2800 folks who have stumbled upon \u201cFinding Fairness in Farm Transition\u201d on my YouTube channel at Farm Family Coach, you already know I am on a mission to change mindsets in agriculture. Fairness is helping everyone in the family be successful.\r\n<p class=\"p1\">Enter Scott Armstrong and his new workbook: <i>Mind Switch Retirement Planner<\/i>.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\r\n<img class=\"aligncenter wp-image-6952 size-large\" src=\"https:\/\/elainefroese.com\/wp-content\/uploads\/2022\/10\/Untitled-design-1024x512.jpg\" alt=\"\" width=\"1024\" height=\"512\" \/>\r\n<p class=\"p1\">Armstrong is a speaker friend who shared his insights at a national financial planner September convention in Niagara Falls, the place I also journeyed to at the start of our September harvest. He uses the word \u201cretirement\u201d, for ag folks I prefer to use the term reinvention:<\/p>\r\n<p class=\"p1\"><strong>Here are some things to consider as you age on your farm or ranch:<\/strong><\/p>\r\n\r\n<ol class=\"ol1\">\r\n \t<li class=\"li1\"><b>What are the current roles you want to continue?<\/b> Which ones would you like to let go of? My farmer is coughing more after cleaning bins, and I am encouraging him to quit that task at age 65, which is now.<\/li>\r\n \t<li class=\"li1\"><b>Are you still passionate about farming?<\/b> Or just parts of it? Simon Sinek says, \u201cfulfillment comes when we live our lives on purpose\u201d. What is it you are doing on your farm where you lose all track of time? This summer I think my farmer lost track of mowing fields and ditches and waiting for the grain to ripen. I love to play with my grandkids and enjoy their giggles, stories, and curiosity. Play me with them is a sweet spot and I am intentional in making time for them. I am still passionate about helping farm families make intentional choices for a better quality of life and harmony through understanding.<span class=\"Apple-converted-space\">\u00a0<\/span><\/li>\r\n \t<li class=\"li1\"><b>Do your passion and purpose align with your spouse\u2019s vision<\/b>? This is where it gets messy. You want to leave the farm life roles and responsibilities, but your partner does not. Not for a long time! Where is it written you cannot pursue some things in different time zones or days apart from your spouse?<span class=\"Apple-converted-space\">\u00a0 <\/span>Independence is one of my core values, yet my husband respects what I need to fill my well, and I am happy when I return to the farm from my off-farm contracts and contacts. Love and respect for the other can go both ways.<\/li>\r\n \t<li class=\"li1\"><b>Adventure is big<\/b> on Scott Armstrong\u2019s workbook list. Farmers spend a lot of money on crop protection and other inputs. Many use the points from farm credit cards to fund short-term winter adventures. One of my clients is on a motorbike in the Maritimes as I write this. (Dairy farmer). Another farmer spends time in Mexico helping the poor build houses in the winter, and he wants to do more of this. Our adventures to visit friends in New Zealand, or travel with friends to Hawaii have been great times of renewal. Perhaps there is an ag tour you have been putting off. The GREAT PAUSE showed us how isolation and lack of adventure can really cramp our style, but we now have options. The most recent adventure for folks in our circle has been electric bikes. They are great for checking fields, riding down the Turtle Mountains to Boissevain, and going for a quick spin before supper. What is the adventure you have been putting off?<\/li>\r\n \t<li class=\"li1\"><b>Vitality is an energy we all want more of.<\/b> Armstrong is convinced we are only using 50% of our body\u2019s capacity. Our wonderful physician Dr. Nell shook his finger at us 5 years ago saying \u201cLook you two it\u2019s time you started having some fun. At 75 it all starts to fall apart!\u201d<span class=\"Apple-converted-space\">\u00a0 <\/span>This year I\u2019ve shed some weight via the app \u201cNOOM\u201d and am working on a better morning fitness routine. My friend, a cattle producer at age 68 does lots of stretching and 40 minutes on her elliptical every morning. She makes time for lots of hiking adventures and ensures her body is in great form. Armstrong has a great list of sleep hacks to have more renewal time.\r\nYour body is not a machine. Save money now by paying better attention to your health and making small habit changes to be healthier. Be kind to your brain and get off your devices long before bed. This will not kill you, and your marriage may be better off for the pillow talk without blue lights flashing from your cell phone or iPad, or TV.<\/li>\r\n \t<li class=\"li1\"><b>Finances:<\/b> The number one encouragement I have is to find a good financial planner who can guide you with your income streams and personal wealth as your farm assets keep growing. CAFA which is the Canadian Association of Farm Advisors has great advisors in their directory who understand the culture of agriculture and the challenges of debt servicing and the need for personal wealth options. See <span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"http:\/\/www.cafanet.ca\"><span class=\"s1\">www.cafanet.ca<\/span><\/a>.<\/span><\/li>\r\n \t<li><strong>Living Legacy:<\/strong> What do you want people to say about you BEFORE you die?\r\nI hope you have a wonderful 80th birthday party where folks can tell you in their own words and stories about how your life really was a blessing to them. Do you want to be able to set your grandkids up for financial success? Can you help fund their RESP for trades or university training? Could you help fund the local arts and culture or sports foundation of your small town? Would you be able to secretly give a \u201cleg up\u201d to a struggling single parent? Having the time to walk alongside newcomers to your community and financial support can be a huge blessing to making your town a great place to age gracefully. We live close to one of Manitoba\u2019s most beautiful small towns. The new bakeshop owner is now making sourdough bread with wheat head designs, plus great peanut butter marshmallow slices. This news may not excite you, but it is becoming a destination attraction. Sometimes it is the \u2018little things in life\u201d that make a day sweeter.<\/li>\r\n \t<li class=\"li1\"><b>Social times<\/b>. Armstrong surprised me with his challenge to question who your friends are and why. Post-Covid relationships look different, and you may be navigating the loss of long-time or childhood friends. Intentionally make a list of the folks who align with your purpose and plans for growth. I\u2019ll still a big fan of calling my far-away friends to keep relationships growing, yet I also know having tea in person is refreshing. I suspect the guys reading this are longing for more friendships beyond the farm gate. What are you DOING about it?<\/li>\r\n<\/ol>\r\n<p class=\"p1\">Find out more about Scott Armstrong\u2019s fun, practical workbook at <span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"http:\/\/www.mindswitch.ca\"><span class=\"s1\">www.mindswitch.ca<\/span><\/a><\/span>, and reach out to the Mind Switch community on <span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"https:\/\/www.facebook.com\/profile.php?id=100063687142266\" target=\"_blank\" rel=\"noopener\">Facebook<\/a>.<\/span> Tell him you are working on changing the mindsets in agriculture, one family at a time.<\/p>\r\n<a href=\"https:\/\/elainefroese.com\/insights\/free-stuff\/roles-storyboard\/\"><strong><span style=\"color: #44b6ac;\">Grab your copy of the Roles Storyboard<\/span><\/strong><\/a> to <span class=\"RFZYhc\">help you understand your 6 key roles - personal, couple, family, work (farm and off farm), friends, community.<\/span>\r\n\r\n***\r\n<p class=\"p1\">Elaine Froese is happy to be writing at 30,000 feet again. Invite her to speak at your next ag event. She has 30-plus years of practical insights for farmers to have the life they\u2019ve always wanted. One day at a time.\u00a0Visit <a href=\"http:\/\/www.elainefroese.com\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #44b6ac;\">here <\/span><\/a>or Instagram <span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"https:\/\/www.instagram.com\/farmfamilycoach\/\" target=\"_blank\" rel=\"noopener\">@farmfamilycoach<\/a><\/span> and hit the Linktree bio. Send cards to Box 957, Boissevain MB R0K 0E0.<\/p>\r\n<strong>Follow Elaine on Social for More Helpful Farm Family Advice!<\/strong>\r\n\r\n<span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"https:\/\/www.facebook.com\/farmfamilycoach\" target=\"_blank\" rel=\"noopener\">Facebook<\/a><\/span>\r\n<span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"https:\/\/www.instagram.com\/farmfamilycoach\/\" target=\"_blank\" rel=\"noopener\">Instagram<\/a><\/span>\r\n<span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"https:\/\/www.linkedin.com\/in\/farmfamilycoach\/\" target=\"_blank\" rel=\"noopener\">LinkedIn<\/a><\/span>\r\n<span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"https:\/\/twitter.com\/elainefroese\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/span>\r\n<span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"https:\/\/www.youtube.com\/c\/farmfamilycoach\/videos\" target=\"_blank\" rel=\"noopener\">YouTube<\/a><\/span>\r\n<span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"https:\/\/www.tiktok.com\/@farmfamilycoach\" target=\"_blank\" rel=\"noopener\">TikTok<\/a><\/span>\r\n\r\nDid you enjoy<em><strong> How to re-invent your farm life as you age with Mind-Switch? <\/strong><\/em>You might want to check these articles out too:\r\n\r\n<span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"https:\/\/elainefroese.com\/2022\/08\/25\/your-farms-emotional-tank-needs-checking\/\" target=\"_blank\" rel=\"noopener\">Your Farm\u2019s Emotional Tank Needs Checking<\/a><\/span>\r\n<span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"https:\/\/elainefroese.com\/2022\/07\/14\/you-are-not-alone-2\/\" target=\"_blank\" rel=\"noopener\">You are not alone<\/a><\/span>\r\n<span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"https:\/\/elainefroese.com\/2022\/06\/30\/how-to-love-a-farmer-2\/\" target=\"_blank\" rel=\"noopener\">How to Love a Farmer<\/a><\/span>","_et_gb_content_width":"","footnotes":""},"categories":[],"tags":[2223,2222,2221,2226,142,16,2227,2225,2224],"class_list":["post-11014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-agriculture-finance-tips","tag-cash-flow-for-farmers","tag-farm-debt-management","tag-farm-diversification","tag-farm-finances","tag-farm-succession-planning","tag-farm-technology-investments","tag-farming-business-strategy","tag-risk-management-farming"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Common Pitfalls in Farm Finances<\/title>\n<meta name=\"description\" content=\"Discover 7 common farm finances pitfalls that hurt profitability\u2014plus tips for better cash flow, debt, and risk management.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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