Experts recommend preparing your farming business for the year-end should start immediately after harvest, before the holiday season begins to demand your time and attention. These six tips can help end your year on a smoother note and have you ready to take on a new growing season.
1. Prepare financial documents such as balance sheet reports, income statements, cash flow reporting, etc.
2. Verify employee information if up to date, such as name, marital status and social security numbers.
3. Review labor insurance policies. Are there any changes to your worker’s comp policy? Have you shopped for competitive quotes?
4. Review lease agreements for any changes in the upcoming year.
5. Backup your data.
6. List your accomplishments. Looking toward the future can be more impactful if you recognize how far you’ve come!
Producers are also encouraged to set goals for the new year and list steps to reach them. Read more on year-end planning here.
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