Successfully operating any agribusiness such as a farm, ranch or nursery requires strong financial skills to ensure profitability and sustainability. Too often, agribusiness owners don’t survive due to key knowledge gaps in business planning and tax management.
“A business plan is critical to the financial sustainability of any agriculture business,” said Fredy Ballen, a University of Florida Institute of Food and Agricultural Sciences (UF/IFAS) agricultural economist at the UF/IFAS Tropical Research and Education Center. “According to data from the Bureau of Labor Statistics, about 20% of small businesses fail in their first year, and about 54% fail within the first four years. Inadequate business planning is a leading cause for small business failure.”
Agribusiness managers can enhance their business operations by filing tax returns that take advantage of proper deductions and credits. Other relevant business skills include:
- How to set up a robust business plan with solid strategies.
- How to implement asset-protection techniques.
- How to manage financial statements.
- How to utilize U.S. Department of Agriculture (USDA) programs like the Farm Service Agency’s (FSA) Farm Loan Program.
On July 11, UF/IFAS and Texas A&M will host the workshop, “Business Planning & Tax Management for Farmers & Ranchers.”
Event Details:
Time: 9 a.m. to 1 p.m.
Location: UF/IFAS Extension Miami-Dade County, 18710 SW 288 St., Homestead
Cost: Free. Lunch is included.
Advance registration is required: Please register here for the event.
The workshop is in-person only. It’s designed to teach participants effective financial skills and provide tools to navigate the complexities of financial planning, tax obligations, estate planning and understand financial statements. UF/IFAS Texas A&M speakers will cover these four areas:
- Business Planning and Taxes
- Heirs Property and Succession Plans
- USDA Programs and Loans Available
- Financial Statements
While the workshop will be conducted in English, Texas A&M is providing Spanish-speaking support for participants with limited English proficiency.
In addition to financial education, experts will assist participants who may have difficulty obtaining commercial loans by guiding them through the process of applying for loans through the USDA FSA. These loans are crucial for farmers and ranchers seeking the financial support needed to start, expand or maintain their family farms.
Participation in this workshop fulfills the USDA FSA financial training requirement for borrowers seeking loans.