Plan for a Profitable New Year [Video]

The start of the New Year is the perfect time to begin the planning processes needed to set your operation up for success in 2025. To help you launch new plans, we reached out to three experts for their tips on managing finances, marketing, and crop insurance costs.

“January is a good time to review the past year and get all of your income and expenses accounted for and tallied up,” said farmer-rancher Pete Burgard, senior vice president of Merchants Bank at Rugby, North Dakota. The family-owned independent bank in the state’s north-central area primarily serves farmers and ranchers.

“Once you’ve got your finances in order, you can visit with your lender and start planning ahead,” he said.

Updating your balance sheet should be part of the planning process. “We like to see an increase in net worth year to year and a decrease in total liability,” Burgard said.

Based …