Ohio State University Extension is offering a free, four-part webinar series, called “Ready, Set, Go: Preparing Farms to Successfully Manage Risk,” on managing risk and financial management. The series, can help participants better understand their financial situation by focusing on financial statements and using them to their advantage.
The webinars run on Nov. 16, 23, 30 and Dec. 7 from 11:30 a.m. to 1 p.m. To register for the free series, go to go.osu.edu/farmwebsurvey before November 12 to receive login information.
The webinar series includes:
Nov. 16 – Farm Business Planning and Systems Management
- Is the operation large enough and profitable enough to provide family living draw?
- Is the business plan built on economic considerations?
- Is there an adequate system for obtaining management information and monitoring business performance?
Nov. 23 – Introduction to Financial Statements
- Balance sheets.
- Income statements.
- Statement of cash flows.
- Statement of owner equity.
- Projected cash flow budget.
Nov. 30 – “Legal 21” Financial Ratios
- Liquidity: What are options to correct liquidity concerns?
- Solvency: What options does a farm owner have in correcting this?
- Profitability: Rate of return on farm assets — can I really affect this?
- Repayment Capacity: Do I have the ability to repay the loan on the next farm?
- Financial Efficiency: Am I using my money to its fullest potential?
Dec. 7 – Using Financial Data to Drive Decisions
- Determining risk capacity.
- Capital improvement plan — short and long term.
- Individual enterprise analysis to determine profitable enterprises.
- Decision time using case farms.
For more information about the webinar, contact Chris Bruynis at firstname.lastname@example.org or 740-702-3200.