Why Experts Suggest Making a Financial Plan for 2022, Regardless of Uncertainty

As farmers look ahead to 2022 with so much uncertainty, it’s easy to feel overwhelmed and question if time spent making such plans is worth it. The answer is yes, these plans provide value, even if unanticipated events change them entirely. Darren Frye, CEO of Water Street Solutions and contributing author to Farm Futures, says even if factors shift your plans, you’re still ahead of the game. Those who plan ahead can shift plans more quickly than those who need to pause and assess before getting started. The point of creating financial plans and projections is about knowing your own farm’s numbers and financial situation inside and out so you can make the best possible choices for your operation. Planning is never a waste of a farm leader’s time, as the ability to adapt is critical to the success of any farm. Additionally, planning ahead can help feelings of uncertainty or anxiety lessen.

Now is also a good time to evaluate your operation for any gaps in coverage. A list of available crop insurance options by state can be found here.

Read more on 2022 financial planning here.