New farmers learn decision skills
Each year, inspired individuals enter the world of farming with passion, creativity and drive. These beginning farmers face a few challenges as they start their new careers as farm managers. Those challenges can become roadblocks that reduce profitability and may restrict the farm’s ability to grow. Navigating these roadblocks requires understanding of financial and business aspects of farming.
The Michigan State University Extension Farm Business Management team developed a webinar series called Beginning Farmers Developing and Educating Managers and New Decision-makers (DEMaND). This series aids new decision-makers in understanding basic components of managing a farm, offering something for all new and beginning farm managers. The multisession series served 200 registered participants. Each session had an average of 30-40 virtual participants. Sessions were presented by Extension experts and external guests from Farm Credit Services, USDA Farm Service Agency, MSU Tax School and an accounting service.
Participants were asked about improvements in their knowledge of presented topics. Of those who responded, 82% improved their knowledge in accounting and record keeping, 88% improved their knowledge in farm financial statements and 100% improved their knowledge in farm financial analysis and taxes.
Link to full statement on website: http://landgrantimpacts.tamu.edu/impacts/show/5960