RBC Royal Bank associate and renowned agricultural economist Dr. David Kohl talks about his experience with working with producers and what most producers should be paying more attention to.

In terms of farm business management, if he had to single out just one thing that owners should not overlook, it would be to position their business for flexibility.

Flexibility will be the key to success in an era of erratic prices, costs and business conditions, with high levels of geopolitical risk worldwide. Any successful strategic plan needs to be able to handle the element of surprise, on both the risk and opportunity side. The current economic environment requires a high degree of financial discipline built upon sound and timely financial records, and a lender with knowledge of and commitment to the industry.

In this article, you will learn about:

• working capital
• capital position and
• other financial strategies

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