Financial stress can be overwhelming when running a farm.
That is why an accounting firm, MNP, has three steps you can take to try and limit some of that stress. They say financial literacy and reporting can be improved in a number of ways, but the biggest step is to always ask questions if you are unsure.
They say when making a business plan, a good way to limit stress is not to ignore big items like succession planning, and that goes hand-in-hand with making sure your operation has a risk management plan. They add it is important to prepare for all of the “what ifs.”
