Articles by Craig Macfie

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Summer Series: Watch your grain inventory adjustment - Country Guide

[Make It Count] With the winter’s drop in grain prices, it’s important to track your inventory adjustment to avoid cash-flow and financing surprises

By Craig Macfie September 16, 2024 Reading Time: 3 minutesCanola prices, as just one example, are down approximately 25 per cent from late 2023. Wheat is down 15 per cent, meaning producer paycheques have decreased with the markets this winter. That’s not all there is to watch for, however. Given that many farms have post-harvest year-end dates, a significant amount of inventory on 2023 […] Read more

[Land] Financial management is evolving as fast as agronomy. Your budget can have the best of both

By Craig Macfie August 22, 2024 Reading Time: 3 minutesCrop planning involves decisions on return on investment and cost/benefit, and also cash flow and financing considerations. Some producers now utilize both agronomists and financial consultants to help build their crop budget. Optimizing crop budget planning is increasingly important as crop expenses increase and agronomic options continue to expand. Logistics, opportunity costs and strategy Logistics […] Read more

[Change Management] It’s going to pay to keep your financials in order in 2024, and beyond

By Craig Macfie July 24, 2024 Reading Time: 3 minutesEvery year, we go through harvest with our grain. Then there comes a harvest season of a different sort — the bookkeeping and the accounting that needs to get caught up to “close the books.” Unfortunately, some accountants can get backed up like grain terminals in winter. Farm files trickle in until eventually the accountant’s […] Read more

[Leadership] Leaders are made, not born. That much is clear. But how exactly do you make such a concept pay off on your farm?

By Craig Macfie June 25, 2024 Reading Time: 3 minutesThere’s only so much time in a busy farm owner’s day. Here’s how can you help your farm manager develop their leadership skills, so you can focus on the big stuff.– April Stewart, CG Associate Editor Dr. Stephen Brown says: “You are not a leader until you have produced a leader who can produce another […] Read more

By Craig Macfie June 18, 2024Reading Time: 3 minutesSummer is when many farm operations fall behind on paperwork and bookkeeping. It’s understandable. Producers are outside raising crops and animals or trying to fit in a summer vacation. And after spending the winter inside, we all want to get outdoors. But ‘catching up on the books’ post-harvest is increasingly unfeasible. The winter planning season […] Read more

At many farms, the year-end occurs post-harvest when grain inventory levels are at their highest. However, measuring grain inventory is more art than science. Even when ground or grain cart scales are used, inventory still needs to be validated with an inventory count. Inventory counts are common across other industries and necessary for auditors. Yet, […] Read moreNovember 30, 2023

This farm operating structure could work for farmers looking to lower costs, retiring corporate landowners or extended family farms

By Craig Macfie April 13, 2021Mike Babcock, the new coach of the University of Saskatchewan Huskies men’s hockey team, has options about how to structure his team to win. The system or style the team plays is a function of the resources at the coaches’ and managers’ disposal. Financial resources along with the evaluation of personnel lead to the right […] Read more

It depends on whether you’re budgeting or performing an investment analysis

By Craig Macfie December 22, 2020“Know your cost of production” is an annual farm advisor’s rallying cry. This is still good advice with ever-rising costs and uncertain revenue. How exactly should you calculate cost of production when there seems to be different approaches throughout the industry? More specifically, what should you include and not include? To answer that question, it […] Read more

Farm Management: Use financial forecasts for long-term business planning

By Craig Macfie November 6, 2020Forecasting is all around us. From the weather to next year’s kindergarten enrolment to the U.S. presidential election. No matter how accurate past forecasts are, many seek out new information to make decisions. Anticipating what the future might hold helps with preparedness and planning. Philip Tetlock and Dan Gardner researched and co-authored the book Superforecasting: […] Read more

Seven farm business continuity tips

By Craig Macfie March 24, 2020During this time of uncertainty, there are actions you can take to mitigate the financial impacts of COVID-19. The following seven business continuity tips may help you navigate this uncharted territory. 1. Talk to your banker and accountant Your banker and accountant are working through this together with you. A good relationship and communication will […] Read more

Farm Management: Budget planning hasn’t kept pace with today’s farm value, size, or complexity

By Craig Macfie January 15, 2020Our firm, Stark & Marsh, uses benchmarking as a tool to compare farm financial performance. The average southwest Saskatchewan incorporated farm we benchmark is 4,000 acres. Between inputs, machinery and land, costs can meet and exceed $300/acre. Costs of $300/acre multiplied by 4,000 acres equals an annual expense budget of $1.2 million dollars. This number […] Read more

One more chance to sign up, as farm program deadline extended to July 2, 2019

By Craig Macfie June 4, 2019May 1, when most producers were in the field or preparing to get there, the federal government announced the 2019 AgriStability program year enrolment deadline would be extended to July 2, 2019. The extension was in response to the canola dispute with China and gives producers a second opportunity to review their financial risk management […] Read more