Preserve Your Business and Prepare For Future Success

AgQuest is dedicated to providing assistance to farmers and ranchers during tough times. Although current economic conditions can make it difficult for you to grow your operation, that doesn’t mean you can’t continue to plan for the future.

Chief Credit Officer Steve Friese has three main pieces of advice that producers can take to preserve their existing business and prepare it for future success.

  1. Cost Control – Ensuring maximum return for every dollar spent

As with any business, costs need to be monitored to make sure you as the owner are getting the most “bang for your buck”. Controlling spending and ensuring that each expense is bringing something back to the operation is vital to keeping your business profitable.

  1. Additional Revenue – Seeking outside income to supplement your main operation

Friese suggests seeking out custom spraying, harvesting or trucking work in order to gain an additional source of revenue to cover extra business costs or living expenses. Other options can also include taking outside jobs off the farm in addition to your main operation.

  1. Debt Structure – Organizing and tracking debt to provide the best opportunity for profitability.

Contact your current bank, lender or AgQuest to review your debt structure and make sure that you are taking advantage of your best options to maintain profitability well into the future.

While these are all good actions to take to improve your farming operation, Friese says there is no one thing that will cause your business to flourish. “It’s going to be a combination of a lot of different things,” Friese adds. “If you dial the knobs just slightly on all three of those things and get the right mix, you position your operation for maintaining what you have and growing into the future.”

AgQuest Financial Services is “all ag, all day”. We are here to serve you, our community’s farmers and ranchers. AgQuest exists to protect and grow the business relationship between our retailer partners and their producers. We deliver financial services that support their long-term viability and profitability.

By: Katelyn Berndt

 

AgQuest offers “one-stop shopping” for all of your agricultural finance and insurance needs, including operating loans, real estate loans, machinery & equipment loans and leasing, a full line of ag insurance options such as crop insurance, precision farming and Livestock Gross Margin Insurance.

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