Farm Credit Canada held an Ag Knowledge Exchange event on January 25 in Carstairs.

Kim Gerencser, the founder of Growing Farm Profits Inc., led a session called "Get More From Your Farm's Financial Data".

"The purpose of the event yesterday was to raise the awareness of some very simple but very important financial metrics so that each participant can go home, utilize the knowledg they acquired yesterday to analyze their farm a little more closely."

The event focused on leveraging a producer's financial data to maximize farm profitability. Gerencser says when it comes to farming, production is only one part of the equation.

"When we look at production as a whole and alone, it's only one part of the business, and being a good producer is not enough."

According to Gerencser, farmers benefit from understanding management skills when it comes to how their farm is run.

"Elevating management skills and understanding your financial strengths and weaknesses and the risks that you face because of the financial position you may or may not be in will affect very much the profitability that your farm may have."

 

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