CropCare offers the following tips to farmers for remaining profitable this year:
- Have a farm financial plan in place that projects an estimated crop income and expenses (including labor costs and equipment maintenance). In years with above average crop prices, try to save 20% of your revenue for lean times.
- Precision agriculture can help monitor crop yield, track crop variations, levels of fertility, and more. This comprehensive list is a helpful guide to precision ag terminology and advantages. Keep records each year to determine profit flux and the possible reasons for them.
- Get the most life out of your equipment investment. Take care of the equipment you already own, with proper and routine maintenance, as well as proper storage. See our December Post
- Apply nutrients and pesticides efficiently, and not before conducting a soil test. Knowing what is needed can help you avoid spraying too much (a waste of money and product) or avoid spraying too little (resulting in a lower crop yield).
- Lastly, consider diversified operations, whether by growing different crops, offering storage to others, providing agritainment, etc. See diversification suggestions from Penn State Extension.