Join us for this FREE webinar with HMI Certified Educator Phil Metzger
Farms and small businesses typically have a long list of expenses. We know that the most direct way of generating new profit (putting money in our pocket) is to reduce these expenses. However, which expenses get reduced and which ones should be prioritized? Holistic Financial Planning has unique and effective ways of prioritizing expenses to help you decide which expenses are likely to generate new wealth.
We’ll also cover the chain of production. Consider this example: A farmer sells all her product at a decent price and has decided to invest in her business to grow it further. The farmer is enamored with a website she saw and wants to do something similar for her farm. The cost is $750 to create the website. Would this be a good decision?
Well, it certainly might increase demand. However, will current production be able to meet this demand?
In Holistic Financial Planning, we prioritize expenses year-to-year to have the greatest beneficial impact. For example, instead of investing in marketing, perhaps investing in production (growing more raw product) would be a better choice in the current year. If we can’t afford everything we wish to do, staging investments (expenses) so they generate the most profit and benefit makes sense.
Holistic Financial Planning helps guide us through these choices and improves our chances of making good financial decisions for our farms and ranches. We hope you’ll join us for the FREE webinar!
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Phil Metzger, HMI Certified Educator and Retired USDA Resource Conservationist
Phil Metzger is a natural resources development consultant having recently retired from a 32-year career as a resource conservationist for the USDA – Natural Resources Conservation Service (NRCS). He has extensive experience working with an array of public, private and non-profit partners in natural resources conservation and rural economic development. He instructs on various topics including: farm/personal/business/organization goal setting, customer service, resource delineation, improved decision making, financial/business/land/grazing planning, biological monitoring, and reading the land. He is a Certified Educator in Holistic Management, currently serving as an instructor for HMI’s Getting Started courses.