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Making Decisions Based on Your Records

Making Decisions Based on Your Records. Bill Burton Area Agricultural Economics Specialist. Where Do You Keep Your Records?. Using records. Historical analysis Current assessment Forward planning Financial performance Financial position Whole farm Enterprise.

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Making Decisions Based on Your Records

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  1. Making Decisions Based on Your Records Bill Burton Area Agricultural Economics Specialist

  2. Where Do You Keep Your Records?

  3. Using records • Historical analysis • Current assessment • Forward planning • Financial performance • Financial position • Whole farm • Enterprise

  4. Questions that records can answer • Am I making more on crops or livestock? • Should I buy or raise hay? • Are my costs of production too high? • What is my break-even calf price? • What can I do if I want to be more profitable? • What can I do to provide incentives for hired help to do a better job? • What kind of risk management strategies should I be using?

  5. What do good records offer? • Cold, hard facts • Ability to compare to benchmarks • Insights into strengths/weaknesses, problem identification • Identification of profit and loss centers • Direction for maximizing the returns to owned resources • Documentation to obtain/maintain credit

  6. Can You Answer Correctly? • What is your calving percent? • How many calves died? • How much cost do you have in a bale of hay? • How much does it take to run a cow for one year? • Can I afford to buy that new pickup?

  7. Can You Answer Correctly? • Is it cheaper to bale my own hay, or buy it? • Which of my cows need to be culled? • How much fertilizer can I afford to put on my pastures?

  8. Standardized Performance Analyses Financial Records Cash records: tax reports, financial statements, Quicken Accrual Adjustments Cow-calf SPA Production Records

  9. Production Performance Percent NM-TX-OK, 1991-2002

  10. Production Performance Pounds NM-TX-OK, 1991-2002

  11. Weaning Percent Percent Income Quartile NM-TX-OK, 1991-2002

  12. Pounds Weaned Per Exposed Cow Pounds Income Quartile NM-TX-OK, 1991-2002

  13. Capital Investment Per Cow(Market Value) Dollars Income Quartile NM-TX-OK, 1991-2002

  14. Cost of Production ($/Cow) Dollars Income Quartile NM-TX-OK, 1991-2002

  15. Production Cost Dollars Income Quartile NM-TX-OK, 1991-2002

  16. Return on Assets (%), Market Value Percent Income Quartile NM-TX-OK, 1991-2002

  17. Production Cost Dollars Number of Head NM-TX-OK, 1991-2002

  18. Net Income ($/Cow) Dollars NM-TX-OK, 1991-2002 Number of Head

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