Tennessee Master Meat Goat Producer

Tennessee Master Meat Goat Producer
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John Campbell Rob Holland Aaron Robinson
Business and Financial Planning and Management for Meat Goat Operations John Campbell Rob Holland Aaron Robinson The central economic issue for the manager of a meat goat enterprise is to produce products at a cost low enough and sell products at prices high enough to generate a profit. A key issue with this equation is for managers to know their cost of production and fully understand their market opportunities. Success will involve appropriate business planning; record keeping and analysis; risk management; whole farm financial analysis, enterprise budgeting; and evaluation, using appropriate performance measures.

Teaching Objectives Producers will learn basic principles of business planning Producers will learn the importance of farm records and how to use them for making management decisions Producers will learn types of business risk and how planning and management can reduce such risk The objectives of the Management and Planning section are: (state objectives)

Teaching Objectives Producers will learn the value of developing farm financial plans and utilizing enterprise budgets in decision-making. Producers will learn how herd performance measures are calculated and how these measures can be used as a basis for making improvements in both production and financial management Objectives continued

Business and Management Planning
Successful business requires solid business planning and management Most successful businesses have some type of business management plan Goat producers should make overall business planning a routine part of the management of their enterprise Address points on slide

Mission, Goals & Tactics
The mission should clearly state why you have the enterprise and how raising meat goats fits with your personal and professional priorities Goals for meat goat enterprises should be concise statements that describe certain performance measures which, once achieved, will help meet the overall mission of the enterprises Tactics are the production and management activities that must be performed to run the enterprise and meet the goals Basic tenets of business planning include developing a mission statement, goals and tactics. The mission should clearly state why you have the enterprise and how raising meat goats fits with your personal and professional priorities. The mission statement should be written and carefully worded to provide an adequate description of the role and reason for your involvement with meat goats.

Mission Refer to Chapter 2, Page 2 in manual
________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Page 2 of this chapter provides more detail and a form for you to write a mission statement for your farm.

The mission should clearly state why you have the enterprise and how raising meat goats fits with your personal and professional priorities Goals for meat goat enterprises should be concise statements that describe certain performance measures which, once achieved, will help meet the overall mission of the enterprises Tactics are the production and management activities that must be performed to run the enterprise and meet the goals Goals for meat goat enterprises should be concise statements that describe certain performance measures which, once achieved, will help meet the overall mission of the enterprises.

S. M. A. R. T. Goals Specific - - goals should be well-written, concise, straightforward and definitive Measurable - - goals should be measured in quantitative terms so progress can be monitored Attainable - - goals must be achievable and not in conflict with other goals Rewarding - - the achievement of a goal should be rewarding in some way Timed - - goals should have a time limit for achievement Goals for meat goat enterprises should be “S.M.A.R.T,” which means they should have five basic components. S.M.A.R.T goals should be Specific, Measurable, Attainable, Rewarding and Timed.

Goals Refer to Chapter 2, Page 3 in manual
Increase kid crop percentage by 20% in 2 years ________________________________________________________________________________________________________________________________________________________________ Page 3 of this chapter provides a form for you to write goals for your farm.

The mission should clearly state why you have the enterprise and how raising meat goats fits with your personal and professional priorities Goals for meat goat enterprises should be concise statements that describe certain performance measures which, once achieved, will help meet the overall mission of the enterprises Tactics are the production and management activities that must be performed to run the enterprise and meet the goals Tactics are the day-to-day operational details that will be performed to achieve the enterprise goals. Tactics are the production and management activities that must be performed to run the enterprise and meet the goals. Tactics are the items that appear on the farm manager’s “to-do” list.

Tactics Refer to Chapter 2, Page 3 in manual
Analyze forage and grain for nutrient levels ________________________________________________________________________________________________________________________________ Page 3 of this chapter provides a form for you to write tactics.

Business Plan Proper identification and written descriptions of a mission, goals and tactics for a meat goat enterprise will provide a strong foundation for the development of a complete business plan A business plan provides a structure that guides the business planning and on-going business management process Address points on slide

Business Plan A written business plan is a tool that describes and defines the many details of a meat goat enterprise Development of a business plan should be a basic management practice for goat producers A business plan does not have to be long nor expensive, but it does require an investment of time and attention Address points on slide

Business Plan Format Overall description of the business
Management overview Description of the products planned to market Market analysis and development of marketing strategies Financial plan Tax returns, legal documents, contracts and agreements Address points on slide and add: An example business plan format is found on page 5.

Obtaining Financing Insufficient planning and lack of capital are the most frequently cited reasons that businesses fail Whether you are starting or expanding a goat enterprise, sufficient capital is essential But knowledge and planning are required to manage capital well Significant start-up costs can make the early days (and years) of a new enterprise stressful Address points on slide

Funding the Enterprise
Comes from either one or a combination of two primary sources Equity Debt Address points on slide

Equity The owner’s contribution to the start up of the enterprise
Money that stays in the business and does not have a definite repayment schedule Critical component of an enterprise that is in need of additional funds Address points on slide

Debt Debt funding (or a loan) is critical for enterprises that do not have sufficient equity to finance the business needs Loans are generally set-up with a fixed payment schedule Lenders may require that equity represent 25 to 50 percent of the total start-up costs for a new business Address points on slide

Loans Generally obtained from commercial banks, government agencies or some other third party that sets a specific repayment schedule Secured or non-secured Non-secured loans are based entirely on the borrower’s financial strength and past performance Secured loans require that assets be used as collateral to secure the loan Address points on slide

Where do you get the money?
What are some sources of start-up capital for a new business? (attempt to get some feedback/interaction from the group)

Sources of Start-Up Capital for Starting a New Business Venture
Personal Resources 60% Commercial Lending 23% Friends & Relatives 9% Other Sources 4% Outside Investors 3% Government Agencies 1% Address points on slide

Five C’s of Credit Character Capacity Collateral Conditions Capital
Re-state points and add: More detail can be found on pages 8 and 9. See manual for additional details.

“Keeping records and preparing budgets is about as exciting as watching paint dry.”
“Keeping records and preparing budgets is about as exciting as watching paint dry.” This statement was made by Rosemary Harter, a farm wife who took over the marketing and record keeping function on the family farm during the farm crisis of the mid-1980’s. She helped save the family farm by making significant improvements in record keeping and marketing. Rosemary Harter, Illinois farm wife who helped save the farm by improving records and developing marketing plans.

Farm Financial Record-Keeping
Effective management of a farming operation today requires that records be kept so managers can make informed decisions affecting the profitability of their farms Farm business decisions that are not based on accurate farm records may lead to less profit Address points on slide

Why keep records? Proof Decision-aids Institutional requirements
Environmental regulations Records are needed and/or required for several things. Financial records can serve as proof tax purposes and government programs. A very important reason for keeping good records is to have a base from which to make day-to-day management decisions on the farm. Lending institutions often require certain records for loan qualifications. Environmental regulations are becoming a more important reason for having sufficient records.

Record Tips Selecting a record-keeping system should depend on the expected use of the records; no "best" system Record systems should emphasize decision making, not tax preparation Regularly and accurately post transactions Make all financial transactions through checking account; reconcile checkbook with records There is no best record system for every farm. Record systems should be designed to fit the needs of the farm. The system should allow for needed information to be readily available. Record systems should emphasize decision making, not tax preparation. An IRS schedule F is a poor source of information for making management decisions. It is important to develop good record practices. All financial transactions should be made through a checking account. Most financial advisors recommend separate checking accounts for business and personal funds. It is important to keep records up to date. Infrequent postings often lead to less accuracy.

Whole Farm Record System
Here is an example of a “whole farm” record system. No attempt is made to separate income and expenses by enterprise. This system is widely used for tax reporting purposes, but can be lacking in providing information for decision making.

Enterprise Record System
Enterprise records contain all the income and expenses associated with a single enterprise. This example shows that certain expenses were specified to specific enterprises. Contain all the income and expenses associated with a single enterprise.

An enterprise can be any crop or type of livestock produced on the farm. You can see in this example that feed expenses is assigned to goats and corn sales to corn. An enterprise can be any crop or type of livestock produced on the farm.

An enterprise record should contain all cash income and direct cash expenses for that particular enterprise. Should contain all cash income and direct cash expenses for that particular enterprise.

Indirect expenses are more difficult to assign to a specific enterprise In-direct enterprise expenses are more difficult to assign.

Types of Expenses Direct In-direct Goat feed Goat medicine
Auction fees Trucking Seed Fertilizer Lime In-direct Fuel Repairs Labor Insurance Utilities Rent Here we see a listing of some direct and indirect expenses. Farm with fewer enterprises may find it easier to assign some of the in-direct expenses to a specific enterprise.

Uses of Enterprise Records
Compare the profitability of different enterprises Developing enterprise budgets Enterprise records can be used to compare the profitability of different enterprises and in developing enterprise budgets. Click mouse An example of using enterprises records is to determine whether goat production or cash alfalfa production is more profitable on your farm. or

Sales Records Estimating income from sales is an important aspect of overall management Income estimates are almost always more accurate when there is historical information on which to base projections The dollar amount of sales may not tell a farm manager much about what was really sold Detailed sales records can be very beneficial to planning and management. Address points on slide

Information in Sales Records
Date Description of animal/animals sold Number sold Weight (if sold by pound) Price Sale expenses Market name/buyer . Here a list of information that is needed for sales records. Only having a dollar amount for goats sold does not provide much information for planning and management. Income estimates are almost always more accurate when there is historical information on which to base projections. These items should be recorded. Address points on slide

Whole Herd Sales Record
Whole herd sales records as shown on this slide provides the detail that is needed. However this method does not readily provide information about each class of animal that was sold.

Kid Sales Record Sales records divided by the different types of animals that are sold provides more information for planning. This example is of kid sales separated from other types of sales.

Cull Breeding Stock Sales Record
The example is for sales of cull breeding stock.

Breeding Stock Sales Record
If a goat producers sells breeding stock to other producers, this information can be separated as well.

Assessing Risk Agricultural enterprises are subject to both price and production risk Higher returns are generally consistent with higher levels of risk Goal is to manage risk and reduce risk to an acceptable level Can not completely eliminate all risk Let’s change gears for just a few minutes and talk about risk. Address points on slide

What are some types of risk?
________________________________________________________________________________________________________________________________________________________________________________________________________________________________ What types of risk might a goat producer face? Attempt some interaction here

What are some types of risk?
these pictures appear automatically to show some types of risk

Types of Risk Production and yield risk Market and price risk
Business and financial risk Technology and obsolescence Casualty loss risk Social and legal risk Human risk Address the list on slide and add Human risk is one type of risk that we made not ordinarily think of. One should always consider the effect of an illness or incapacity of the farm manager.

Developing Farm Plans An outline of the proposed operation of the farm business Indicates what to produce, how much to produce and how to produce it Two types of farm plans Long-run plan Short-run plan We have previously addressed the need for records. Managers can put those records to good use when developing farm plans. Address points on slide

Long-run Plans Estimate of the resource allocation that is likely to yield greatest net returns over a period of years Based on family goals Shows the changes in farm business organization that must take place to attain those goals Revise if technology or input or output prices change materially A long-run plan attempts to find the best way to utilize the resources on a particular farm. All farms are different. There is no cookie cutter plan that work for all farms. Long-run plans seek to find the combination of enterprises that will yield the greatest net return over a period of years. Long-run plans should be based on the family’s goals and must be revised if technology or prices change significantly.

Short-run (Annual) Plans
Made to fit the individual year Implements the transition from the present farming system to the proposed long-run plan Short-run or annual plans are developed for an individual year. Annual plans can help implement the changes that are needed to implement the long-run plan.

Intensive Planning Long-run and short-run farm plans must be flexible if they are to be realistic and serve the purpose for which they are intended UT Extension’s MANAGE Program assists in developing farm plans Helps producers understand their financial situation and make informed decisions Long-run and short-run farm plans must be flexible if they are to be realistic and serve the purpose for which they are intended. UT Extension’s MANAGE Program assists farm families in developing these intensive farm plans using the FINPACK Computer Farm Analysis package. Intensive planning helps producers understand their financial situation and make informed decisions.

Answers to these questions
Where am I? Where do I want to be? How do I get there? Intensive planning assists farm families in answering these questions: “Where am I?”, “Where do I want to be?” and “How do I get there?”

Addresses Major Financial Objectives
Profitability – ability to generate net income Liquidity – provide cash when needed Solvency – financial growth and security Intensive planning addresses these major financial objectives: Address points on slide

Intensive Planning Tools
Long-range Planning - compares alternative farm plans Cash Flow Planning - projects farm cash flows monthly or annually for up to ten years Year-End Analysis - analyzes financial performance of a farm business in the past year; generates a historical data base Long-range Planning compares alternative farm plans which may involve new enterprises, new resources, different sizes or combinations of current enterprises, changes in efficiency or changes in debt structure. Long-range planning enables you to easily investigate the feasibility of a change before it is implemented. Cash Flow Planning projects farm cash flows monthly or annually. You can use cash flow planning to project annual operating loan needs and the timing of borrowing and repayment during the year. Year-End Analysis analyzes financial performance of a farm business in the past year and can generate a historical data base to show progress toward objectives.

Enterprise Budgets Estimate of projected income and expenses associated with the production of a commodity Analyze the effects of changes within the operation Determine which commodity is contributing to profitability and which commodity is losing money Enterprise budgets are a major component of planning. Enterprise budgets estimate income and expenses associated with a particular commodity and thus allow the producer to determine which enterprises are profitable and which are not.

Enterprise Budgets Usually based on some production unit such as one breeding doe or one acre of a specific crop Either historical or projected Historical enterprise budgets are created using actual income and expense information Projected enterprise budgets attempt to estimate income and expenses in the future Address points on slide

Enterprise Budgets If the budget is for a new enterprise, research on expected income and expenses should be the basis of the budget Estimates of changing costs or income should be conservative Address points on slide plus: Enterprise budgets based on past production history are usually more accurate.

Variable Costs (Expenses)
Directly tied to the enterprise and can be changed in the short-run Feed Health Marketing Fertilizer Shown as per unit rate The discussion of costs related to enterprise budgets is usually divided into variable costs and fixed costs. Variable costs are directly tied to the production of the enterprise and can be changed in the short-run. Variable costs are incurred only of the enterprise is produced. If you decide not to produce goats, you have no cost for feed. If you do not grow the crop, you do not buy fertilizer.

Fixed Costs (Expenses)
Committed to pay regardless of whether livestock is raised during the current planning period Depreciation and insurance on machinery, equipment and buildings Interest on machinery, equipment, buildings and land Property taxes On the other hand, fixed costs must be paid regardless if you produce goats or another enterprise. Fixed costs include depreciation, insurance, interest and taxes.

Recovering Costs Both fixed and variable costs are considered when deciding whether to continue production In the short run, the producer should stay in production if it appears that revenue will at least cover variable costs All costs must be recovered over time Address points on slide

Budgeting for Kid Production
Estimates goat sales and economic costs and returns Includes interest expenses for resources used in the goat enterprise Assumes existing land resources are used Producers should use their own information when available Personalized adjustments should be made as needed We have discussed enterprise budgets and types of costs. Let’s now look at an enterprise budget for kid production. Address points on slide

Kidding Production Budget
Page 20 in manual Table 8 The kidding budget description begins on page 20 with table 8.

Herd Assumptions For Budget
50 Does 1 Buck 150% kid crop 10 doe kids held for replacements 20% does replaced each year Sell 9 cull does; assume 1 dies Certain assumptions must be made before an enterprise budget can be constructed. Itemize the herd assumptions for the budget

Revenue Sales of kids Sales of cull does
Revenue (or gross income) is generated from the sale of kids and cull does.

Variable Expenses Hay – 3.5 lbs./day for does & buck for 120 days Corn
Kids – 1 lb./day for 120 days Does – ½ lb./day for 90 days Pasture – 3.3 does/acre Salt & Minerals Variable expenses include hay, corn, pasture and salt and minerals. The feed costs in this budget are based the parameters on this slide. A different feeding program would have different expenses.

Variable Expenses Veterinary & Medicine Marketing Hauling Machinery
Operating Interest Other variable expenses include veterinary & medicine, marketing, hauling, machinery fuel and repairs, and operating interest.

Depreciation & Repairs (Fixed) Table 9
Buildings & equipment Fences Machinery Buck (depreciation only) Depreciation and repairs are fixed costs. These are outlined in Table 9. For this budget these costs are for buildings and equipment, fences, machinery (tractor to feed hay) and depreciation only on the buck.

Interest Expenses Reflect the fact that capital invested is costly, regardless of its source Borrowed capital entails a cash interest charge for repayment to lenders Capital provided by the owner results in a non-cash opportunity cost Capital could have been invested elsewhere and earned interest Interest expenses are included in this budget even though a producer may not borrow the funds need to invest in the goat enterprise. Address points on slide

Interest Expenses Does & Buck Buildings & Equipment Fences Machinery
Address points on slide

Labor Expenses Reflect the cost of hired and/or owner labor
Owner provided labor is a non-cash opportunity cost for earnings foregone if time spent on another paying job or enterprise Hired labor is cash expense Some producers may not see the need to include labor in the budget if the producer is doing all the work. But that time has value. If the producer was not producing goats that time could be spent on other endeavors. Including labor helps to compare enterprises that may require different amounts of time to complete.

Kidding Sensitivity Table 10-Production & Price
Very seldom will actual production provide the returns that the enterprise budgets predicted. Sensitivity analysis varies certain production parameters and allows the manager to see the difference in net returns that could occur from those variations. In Table 10, the intersection of $100 per hundredweight and 1.5 kids weaned per doe ($85.28) matches the return to land, management and risk from the revenue and expenses table. Each intersection of market price and kids weaned per doe in the table reveals the return to land, management and risk to that combination of market price and kids weaned per doe. This analysis shows the importance of selling more kids per doe. It also shows how variations in market price can significantly affect returns.

Kidding Sensitivity Table 11-Production & Market Weight
This table shows the variation for different market weights and kids weaned per doe. Again, the intersection of 65 pounds selling weight and 1.5 kids weaned per doe ($85.28) matches the return to land, management and risk from the revenue and expenses table. This analysis shows the importance of pounds of goat sold on returns.

Personalize Budget The basis for many decisions depends on an estimate of annual enterprise costs and returns This budget is intended only for a guide Producers should use their own information when available Personalized adjustments to this budget should be made as needed The "your farm" column should be used to calculate your own production costs and breakeven prices Personalized budgets should be developed. Emphasize the points on this slide.

Finishing Feeder Goat Production Budget
Page 24 in manual Table 12 Now, let’s look at a budget for finishing purchased feeder goats found on page 24 and beginning with Table 12.

Budgeting for Finishing Feeder Goat Production
Similar format to kidding budget 50 head unit Purchase 35 lb. feeder kid Sell 65 lb. kid Gain 0.33 lb./day for 90 days Death loss 5% Itemize the assumptions for this budget

Revenue Sale of slaughter goat Minus 5% death loss
Calculated on value at time of sale Revenue is from the sale of a slaughter goat adjusted for an estimated death loss percentage. The cost of the animals that die before reaching the market must be spread over the other goats in the group.

Variable Expenses Feeder kid Interest on feeder Feed
Pasture – 6 kids/acre Salt & Minerals Veterinary & Medicine Marketing Hauling Machinery Operating Interest Variable expenses are similar to those for the kidding budget with the addition of the cost of the feeder kid and interest on the purchase price of the feeder kid.

Depreciation & Repairs (Fixed) Table 13
Buildings & equipment Fences Machinery Depreciation and repairs for this budget are for buildings and equipment, fences and machinery.

Interest & Labor Assumptions same as for kidding budget
Labor – ¾ hour per kid The interest and labor assumptions are the same as for the kidding budget. For this budget, we assumed ¾ hour labor per animal.

Break-even Analysis Finisher of feeder kids would like for returns to cover total cost Not always achievable Want to recover at least the variable cost of production at any particular time Over the long term, the finisher must cover all costs for the enterprise to be profitable Break-even analysis is a budget variation that can be used when purchasing feeder animals. A finisher of feeder kids would like for returns to cover total cost. However, this goal is not always achievable. A finisher will want to recover at least the variable cost of production at any particular time. Over the long term, the finisher must cover all costs for the enterprise to be profitable.

Break-even Price per Cwt. Sold
The break-even table shows the price needed to cover certain types of expenses. In this example, $75.84 per hundredweight is the price needed to recover variable (cash) expenses. To cover all expenses, a selling price of $ per hundredweight is needed. Break-even analysis can be useful in aiding the finisher in making decisions regarding purchasing feeder kids at any particular time.

Feeder Sensitivity Table 14-Purchase Price and Sale Price
In this table the effects of purchase price and sale price are examined. Purchase price varied from $60 to $90 per hundredweight while sales price varied from $85 to $115 per hundredweight. Returns to land, management and risk are estimated for each combination of purchase price and sale price. The intersection of $100 per hundredweight selling price and $75 per hundredweight purchase price (-$1.03) matches the return to land, management and risk from the revenue and expenses table. This analysis shows the levels of profit and loss depending on the relationship of purchase and sale price.

Feeder Sensitivity Table 15-Average Daily Gain and Sale Price
Here, the effect of average daily gain and sale price are examined. Average daily gain ranged from 0.18 pounds per day to 0.48 pounds per day. Returns to land, management and risk are estimated for each combination of average daily gain and sale price. The intersection of $100 per hundredweight selling price and 0.33 pounds average daily gain (-$1.03) matches the return to land, management and risk from the revenue and expenses table. This analysis shows that average daily gains of greater than 0.33 and sale prices above $100 per pound are needed for positive returns under these assumptions.

Herd Performance Measures
Evaluate the efficiency of the doe herd Track progress of the herd over time Indicate potential problems Assist in establishing goals for the operation Address points on slide

Number of Exposed Females
Number of mature does and replacements in the herd at the beginning of the breeding season. Each female has the potential to conceive, raise and wean offspring. To accurately calculate certain performance measures, an accurate count of the number of does in the herd must be made. Each doe has the potential to produce offspring.

Adjusted Exposed Females
Adjusted Lower Females sold or transferred from the herd. Adjusted Higher Exposed or pregnant females purchased or transferred into the herd. The number of exposed females must be adjusted if does leave the herd or new does come into the herd. Address points on slide

Kidding Percentage Measure of success of the breeding season.
Number of Kids Born__ X 100 Adjusted Exposed Females Address points on slide

Kid Death Loss Percentage
Indicator of the success of the kidding season and growing phase Number of Kid Deaths__ X Number of Kids Born Affected by kidding difficulty, kidding season, environment, herd health, condition of doe herd Goal: 4% or less Address points on slide

Weaning Percentage (Kid Crop Percentage)
Measure of the overall reproductive efficiency of the doe herd. Number of Kids Weaned X 100 Adjusted Exposed Females Determine the optimal level of weaning percentage for the operation. Address points on slide

Average Weaning Weight
An indication of the productive ability of the sire(s) and the doe herd. Total Pounds Weaned__ Number of Kids Weaned Indicate improvement in performance Reflect changes in management and/or environmental conditions Higher weaning weights do not always result in higher profits Address points on slide

Measuring Performance of a Commercial Doe Herd
Two 50 doe herds A B Weaning Weights Weaning Percentage No. Kids Weaned Total Lbs. Weaned Lbs. Weaned / Doe Exposed This slide brings in each line on mouse click. Let’s compare two 50 doe herds. Herd A had an average weaning weight of 75 pounds, herd B 65 pounds. Weaning percentage for herd A was 110%, herd B 130%. A weaned 55 kids, B weaned 65. A weaned 4,125 total pounds, B weaned 4,225 total pounds. Pounds weaned per doe was 82.5 pounds for herd A and herd B Often performance measure must be used in combination to fully evaluate performance.

Pounds Weaned per Exposed Female
Measure of overall performance and efficiency Combines reproductive performance and productive ability Total Pounds Weaned__ Adjusted Exposed Females Weaning Percentage X Average Weaning Weight Address points on slide

Effect of Weaning Percentage and Average Weaning Weight on Pounds Weaned per Exposed Female
Average Weaning Weight (lbs.) Wean. % Pounds Weaned per Exposed Female - - - 170% 127.5 119.0 110.5 102.0 93.5 85.0 150% 112.5 105.0 97.5 90.0 82.5 75.0 130% 91.0 84.5 78.0 71.5 65.0 110% 77.0 66.0 60.5 55.0 This table shows pounds weaned per exposed female for a range of weaning weights and weaning percentages. Generally producers will strive for higher weaning weights and higher weaning percentages. However, high values for these measures do not guarantee profitability as the costs to reach high production levels must also be considered.

Summary Sound business planning improves chances for success, but there are no guarantees Availability of capital plays major role in determining the long-term success or failure of a business Use summary statements

Summary Must have accurate, detailed records in order to make sound business and production decisions Risk can be managed, but not eliminated Use summary statements

Summary Developing sound financial plans has proven success in improving management skills Performance measure calculations provide a base from which to measure improvements and progress toward goals Use summary statements

Final Note No one plans to fail. But many fail to plan.
Self-explanatory But many fail to plan.

Tennessee Master Meat Goat Producer

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