Cash is King!
Good cashflow management is key to the success of any business. During strong trading years, it is vital that cashflow is managed to build a cash reserve which can be used to fund necessary on-farm expenditures. Similarly, in poor trading years, cash flow must also be managed to ensure that all bills can be covered, whilst avoiding causing any long-term damage to the business as a result of a cash shortage.
With agricultural markets renowned for being particularly volatile, it is key that farmers learn to manage and monitor their business cashflow.
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