{"id":57609,"date":"2022-01-20T17:16:00","date_gmt":"2022-01-20T17:16:00","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/6-tips-to-more-efficient-farming\/"},"modified":"2024-01-19T13:32:04","modified_gmt":"2024-01-19T18:32:04","slug":"6-tips-to-more-efficient-farming","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/grow-your-business\/6-tips-to-more-efficient-farming\/","title":{"rendered":"6 Tips to More Efficient Farming"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/entrepreneur\/\">\n\t\t\t\t\t\t\t<span>Entrepreneur<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">6 Tips to More Efficient Farming<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By RBC<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-847.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"Farmers are standing in a field discussing opportunities\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-847.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-847.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-847.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=6 Tips to More Efficient Farming &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/grow-your-business\/6-tips-to-more-efficient-farming\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/grow-your-business\/6-tips-to-more-efficient-farming\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published January 20, 2022 \u2022 4 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>Farmers have been nagged and prodded about cost of production so much and for so long, people are starting to miss the point. Knowing your cost of production isn&#8217;t an end in itself. It&#8217;s the start of a journey to understanding and managing your farm better.<\/p>\n\n\n\n<p>That&#8217;s the view of Mark Wobick and Aaron Honess, Farm Management Consultants with MNP in Lethbridge, Alta.<\/p>\n\n\n\n<p>\u201cTen or 15 years ago, it was less common for people to calculate all or part of their cost of production,\u201d says Honess. \u201cNow, many more do. So the question is becoming, how can I use it to improve my bottom line?\u201d<\/p>\n\n\n\n<p>They offer one caution. A farmer might have a number for cost of production, but have all relevant costs been included? A figure that only includes field production costs \u2013 seed, fertilizer and chemical \u2013 would be incomplete. Costs for land, labor, buildings, power, fuel and equipment should also be accounted for. It can become a complex calculation.<\/p>\n\n\n\n<p>\u201cYou can have a large repair bill for a tractor,\u201d says Wobick. \u201cThe question is how you allocate it to your crops and perhaps livestock. That allocation can become a bit arbitrary, and there can be diminishing returns in figuring this out the further you go.\u201d<\/p>\n\n\n\n<p>Check your cost of production process and number with your accountant or farm management consultant. Once you have it, here are six ways you can use it to achieve better results:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1.&nbsp;Benchmarking and improvement<\/h2>\n\n\n\n<p>Once you have an accurate number for your operation, you have a benchmark to compare to others and improve over time. As one example, in 2019, MNP published a cost of production study for pork producers in Alberta. Other commodity groups and provincial ag departments often have their own.<b><\/b><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2.&nbsp;Crop rotation<\/h2>\n\n\n\n<p>Given the land you&#8217;re farming, your cost of production for different crops could favor one crop or another in a given year, within the overall context of an agronomically well-balanced crop rotation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3.&nbsp;Crop marketing<\/h2>\n\n\n\n<p>\u201cCost of production is extremely important as you look at your marketing decisions,\u201d says Honess. \u201cIt&#8217;s not about how much money you can make, it&#8217;s about how much money you have to make. Do you have to shoot the lights out as far as yield to be profitable or does your cost of production help you in a below-average year?\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4. Business&nbsp;Risk management<\/h2>\n\n\n\n<p>With cost of production pointing to your break-even, you can evaluate how business risk management programs like crop insurance or other tools could be incorporated in your plan for the year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5.&nbsp;Land acquisition<\/h2>\n\n\n\n<p>Knowing your cost of production contributes to understanding what you can afford to pay to buy or lease farmland, and how farming different types of land could influence your profitability.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">6.&nbsp;Farm financing<\/h2>\n\n\n\n<p>A strong grip on your current production costs will be welcomed by a current or prospective lender or farm investor. It&#8217;s also valuable data for potential farmland buyers.<\/p>\n\n\n\n<p>As Wobick and Honess see it, it&#8217;s time to move beyond just knowing cost of production.<\/p>\n\n\n\n<p>\u201cWe try to emphasize with our farm clients that cost of production as a raw number is just the start,\u201d says Wobick. \u201cIt is a tool that&#8217;s part of a broader, more holistic approach to farm management. It&#8217;s information you need to make a wide-ranging suite of decisions. It&#8217;s not about just knowing your cost of production, but what you do with that knowledge.\u201d<\/p>\n\n\n\n<div class=\"wp-block-columns has-border-color has-rbc-bright-blue-tint-1-border-color has-light-grey-background-color has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"border-width:5px\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p>Help take your agri-business to the next level. Check out the new\u00a0<a href=\"https:\/\/www.guelphagriculturalmanagement.com\/\">University of Guelph Foundations in Agricultural Management course<\/a>, created in collaboration with RBC &amp; Farm Credit Canada. Invest in your Business. Invest in Yourself.<\/p>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-9212ec0c-d2a9-4c34-ae4a-6b97512b5720\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=6 Tips to More Efficient Farming &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/grow-your-business\/6-tips-to-more-efficient-farming\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/grow-your-business\/6-tips-to-more-efficient-farming\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-ae305bc0-60f1-451a-a422-8799cfde09fd\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/agriculture\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Agriculture<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/entrepreneur\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Entrepreneur<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div 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30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-ae305bc0-60f1-451a-a422-8799cfde09fd {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-ae305bc0-60f1-451a-a422-8799cfde09fd {\n\t\t\theight: 30px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p>Two Farm Management Consultants share their 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