When thinking about how an agricultural consultant can help your operation, consider the value of having an individual on your team who is not emotionally connected to your operation and is qualified to review the financial status of your business while looking for accuracy and consistency and assuring records are ready for compliance and planning. Establishing a relationship with a financial consultant who has ag experience can provide many benefits to a farm operation.
Set and meet financial goals.
A financial consultant will help your operation establish and prioritize your financial goals. A consultant will assist in establishing your financial plan (budget) and compare your budget to your actual results on a defined schedule to determine if your operation is on target. Based on the results of this analysis, the consultant will help you identify a plan of action for the remainder of the period.
Overcome challenges and plan for the future.
Often, financial consultants are called upon in times of financial challenges (e.g., negative profitability, merger/ownership changes, working capital challenges). Financial consultants are commonly asked to assist in preparing for a presentation to a lender when the operation is distressed or must meet requirements based upon loan covenants. Additionally, assistance is beneficial when you’re looking for alternate lending options or when your operation has grown beyond your current lender’s capacity. Financial consultants can also provide valuable assistance in researching capital alternatives and reviewing debt structure options.
AgriSolutions financial consultants have been helping family farmers improve the financial management of their operations for nearly 50 years. Our financial consultants are trained to identify, measure, analyze, and interpret financial information to help owners effectively manage their businesses. If you believe your operation could benefit from the services of an agriculture financial consultant, click the link below or call (618) 372-3000.