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Doing More with Less in the Current Farm Economy By Benedict T. Palen, Jr.

Most of us like champagne, but sometimes all that we can afford is beer or juice. In the case of farming, there is a lot of eye appeal to the newest and greatest “toys”, whether they be a new tractor, or a combine, with lots of bells and whistles.<br>

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Doing More with Less in the Current Farm Economy By Benedict T. Palen, Jr.

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  1. Doing More with Less in the Current Farm Economy By Benedict T. Palen, Jr. Most of us like champagne, but sometimes all that we can afford is beer or juice. In the case of farming, there is a lot of eye appeal to the newest and greatest “toys”, whether they be a new tractor, or a combine, with lots of bells and whistles. And, there are all sorts of ag tech items out there, many of which offer potential for improvements in certain sectors of a farm.

  2. Doing More with Less in the Current Farm Economy By Benedict T. Palen, Jr. How does one sort through it all? How does one improve the bottom line without succumbing to the temptation to spend cash, or borrow money, to get the latest and greatest? First of all, it takes will power. That comes, in part, from an appreciation of the inevitable cycles in agriculture, and from an appreciation of the fact that sea changes are few and far between. What is more likely is that small, improved steps can be taken to improve the bottom line on a farm. This is especially true in the current farm economy, where margins are tight, and many dollars can be wrapped up in machinery and inputs. One would do well to remember that the highest yield per acre does not always win the race; what is really more important is the net profit per acre. Don’t worry about winning the corn yield contest in your area; focus more on your costs per unit of production.

  3. Doing More with Less in the Current Farm Economy By Benedict T. Palen, Jr. Second, revisit the fundamentals on your farm, starting with the soils. If you are not already doing variable rate programs, ask yourself what intermediate steps can be taken that involve little extra expense, but offer the likelihood of at least a 25% return on invested dollars.

  4. Doing More with Less in the Current Farm Economy By Benedict T. Palen, Jr. If you irrigate, take a look at reducing water costs by mixing higher and lower water use crops on the same field during the season; take advantage of differing peak water needs for different crops. Finally, rather than focusing on what you don’t have, and wishing you had it, think more about what you do have, and how to utilize it better, whether that be a certain field, a piece of equipment, or an input. Being patient will bring rewards as the day will come when being frugal, and focused on the bottom line rather than the top line, will put you in a good position.

  5. Doing More with Less in the Current Farm Economy By Benedict T. Palen, Jr. Learn More: https://e27.co/benedict-t-palen-jr/ https://about.me/benedicttpalenjr https://readymag.com/BenedictTPalenJr/1129383/

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