Putting a Farm Business Plan Together

General

Putting a Business Plan Together

Prepared by:

Farm Business Consulting Group

First Pioneer Farm Credit, ACA ( 2006

Putting a Business Plan Together

Every business needs a business plan, regardless of its size. Good managers know if they improve key areas of their business and keep them in balance, their operation will be more profitable and run smoothly.

Since teamwork is important in developing a plan, key staff members should be involved in developing areas that affect their positions in the business, and a plan should be written down so both owners and employees can recall their objectives and stay focused on achieving their goals.

The Five Components

While each operator writes a business plan to fit his or her operation and business style. Here are the five basic components of a business plan:

Financial - Controlling spending and using capital wisely is a critical link in a smoothly run business. This includes budgeting and capital spending goals. Production - Zeros in on livestock or crop production goals and changes. People - Includes managing family resources, developing the next generation and training key employees in added responsibilities. Marketing - Probably the most important component for those operations that market directly to customers. Includes goals such as advertising and training staff. Those who sell wholesale need to plan how to contract with brokers or handlers to protect themselves from loss due to annual price fluctuations. Personal - A consulting client once said that personal goals are as important as business goals: getting away, shifting responsibilities, and putting funds away for retirement. Now we always suggest adding personal goals to any business plan.

3 Key Elements of a Business Plan Mission Statement:

Describes why and what.Why the business exists based on owners personally held values.

What products or services will be marketed and their purpose.

Objectives:Once you have written your Mission Statement, you are ready to begin setting objectives that will help you accomplish your mission. Objectives are general, observable, challenging and untimed directions for your business. They outline what you want the business to look like in the future.

Like your mission statement development, the setting of objectives should be completed by the top level management on your farm. All owners and any soon to be owners (i.e. younger generation family members) should be involved in this process.

Caution! Too many objectives will result in too many priorities to focus on. Stay focused on your Mission Statement. This may result in too much to do, leading to less effective results. Try to establish at least 4 but no more than 8 objectives. Remember to consider the following areas of focus when setting objectives:

Marketing/Sales

Production Practices

Financial Objectives

People/Personnel/Labor Personal Objectives Goals:

After you have generated your list of objectives; you are ready to set SMART goals that will work toward achieving each objective. SMART is an acronym for:

S pecific

M easureable

A ttainable

R ewarding

T imed

All goals need to share all of these characteristics. Work on setting goals for one objective at a time. Each objective will have its own set of goals; however, some goals may contribute to more than one objective. While your mission and objectives are appropriately determined by the board of directors of your farm, goal setting works best at brainstorming sessions, in which you include your entire management team. This includes appropriate family members and key employees. Inviting all appropriate team members into this process improves the sense of ownership in the plan and serves to motivate the team spirit in your employees.

Action Plans: Every goal must have action plans that explain how that goal will be accomplished. Action plans (or tactics) are precise and individually itemized plans for action. They describe exactly Who, What, When, Where and How activities will take place in order to accomplish a goal.

Designing an Organizational Chart for Your BusinessPeople are the key to successful businesses. Setting them up in an organized fashion to get the tasks done is a critical step. Below are some guidelines on developing an organizational framework (also in Appendix C).

First step is to label boxes with your key functions (Divisions).

Add boxes or draw a larger one on back.

Same person can manage more than one function.

Partial List of Functions

Dairy herd

Youngstock

Calves

Feeding

Planting/Harvesting

Crop Management

Shop/EquipmentPlanning for the Capital Investment Needs of the Business

You should develop a system of looking at enhancing and replacing your asset base: All too often, capital investment decisions are made in a hurry; i.e. real estate comes up for sale suddenly, a piece of equipment needs major repairs, new technology appears.

Steps to take should include the following:

STEP 1 How Much Can the Business Afford to Spend

1. Determine the farms net cash earnings: develop cash flow for the coming year, and find what is left after family living expenses. These are discretionary funds.

2. Calculate what the farms net worth is, and

3. Establish your risk factor and liquidity cushion. After putting liquid funds aside, what is left is for the capital spending.STEP 2 Make a List of What Major Replacements are needed to maintain the Asset Base (this is depreciation expense)

1. Review equipment inventory.

Use depreciation schedule for replacement schedule.

2. Review all buildings for condition and efficiency.

3. Continue with regular land improvements.

a. Clearing land, b. Drainage, c. Other

STEP 3 Make a List of New Items that Will

1. Improve efficiency.

2. Create a better product or more of it.

3. Save expenses.

STEP 4 Make a List of Assets that Would be Needed for Expansion

1. More land.

2. More equipment.3. Another enterprise.4. Additional buildings and storage.

STEP 5 Make a List of Items that you would like to do (Wish List)

STEP 6 Develop A Priority List By Ranking Those Items First That:1. Are essential replacements for present operation.

2. Have the fastest payback.

3. Are part of your long-range goals.

Leave until last those on wish list.

Use the worksheets in Appendix A to work through the analysis.Instructions for Budgeting Profits (Spreadsheet in Appendix B)Breakeven Analysis Budgeting from the Bottom Up

Creating a budget from the bottom up is a very helpful approach to determining the financial feasibility of your business plan. This process is relatively quick and simple once you get the knack of it and can become a powerful tool in business planning.

Starting from the bottom up means determining how much profit you expect (this is a minimum of how much you need to draw from the business to live on, plus the amount needed to cover principal payments on loans and a reserve for future investment).

The steps to doing this are:

1. Estimate how much profit you expect (or need) from the business. This will be a minimum of the amount you need to draw for living expenses (the owners salary) and the amount needed for making principal payments on loans. You should also have an additional amount allocated for reinvesting into the business to fund future growth.

Lets assume the following:

You need $40,000 to draw from the business to live on -

$40,000

The principal payment required on your business loan is -

$10,000

You wish to set aside $10,000 per year to help fund business growth -$10,000Net Margin needed from your business is -

$60,000

2. Estimate the annual overhead costs for your business. These are primarily made up by the DIRTI 5 (depreciation, interest, repairs, taxes, and insurance). They also include other costs such as advertising, rental expense, managers salary, office staff and supplies, utilities, fuel, professional fees, and other misc. fees, dues, etc. Once you decide on a facility and equipment investment for your proposed business, these costs can be determined. If you are buying an ongoing business, then the historic overhead costs are the best source. The DIRTI 5 can usually be estimated as a percent of your capital investment. For example:

Depreciation (straight-line) is the investment divided by the life of the asset, a 10-year asset would have annual depreciation of 10% of investment. Interest is the interest rate on debt times 50% to account for the fact that the average investment is 50% of the initial cost since the assets cost is being recovered over the life of the asset through depreciation (assuming straight line depreciation and zero salvage value).

Repairs on buildings and improvements are typically 2-3% of investment per year and on machinery and equipment about 10% of investment per year.

Taxes and insurance cost can each be estimated at 1%-2% of investment per year.

Lets assume your overhead costs for a $150,000 proposed capital investment in buildings and equipment for your business total $90,000. We now know that your business needs a gross margin of $90,000 overhead plus $60,000 net margin or a Gross Margin of $150,000.

3. Next you need to know what percent Gross Margin (%GM) you can generate from the product(s) you plan to produce. Gross Margin is what is left from your gross sales after you pay the variable cost of producing your product. These variable costs are also referred to as Cost of Goods Sold (COGS). A GM goal for most retail businesses is 40% and for wholesale businesses closer to 30%. A 40% GM means that of each dollar that you generate in sales, $.40 will be left to cover overhead and profit. A 40% GM represents good production efficiency and is not easy to achieve. Rather that assuming a 40% GM for your business, it helps to look at one unit of production and see what margin can be expected. For example, if you will be selling hanging baskets for $12 each and COGS is estimated as follows:

Pot

$ .50

Gross Sale

$12.00

Soil Mix

$ .60

less COGS

$ 7.56Plant (Plugs)

$1.50

Equals GM

$ 4.44Fertilizer

$ .80

Shrink @ 3%

$ .36

Labor

$3.80

TOTAL COGS

$7.56

A Gross Margin of $4.44 per hanging basket divided by the sales price of $12.00 equals a 37% Gross Margin.

This calculation includes the potential shrink that will affect your actual overall gross margin. Shrink can include theft and toss outs of product that was unmarketable due to quality or quantity (you grew more that you could sell). Shrink can also occur from product that is sold at a discount (such as quantity discounts or end of season clearance sales). Shrink often averages 3% but can be as high as 10% or more if inventory is not managed closely.

4. Now you can calculate the breakeven sales needed to achieve your goal. You know that you need to cover $90,000 of overhead and expect (need) a $60,000 profit, and that you can generate a 37% gross margin on your sales. With this information, you can calculate breakeven sales using the following simple formula:

Gross Margin Needed

% GM= Breakeven Sales Needed

$150,000

.37= $405,405 of Gross Sales

Use Excel spreadsheet in Appendix B modify to fit your business.

Monthly Cash Flow Projections and Tracking

In Appendix D are very useful spreadsheets to help you take your annual budget and organize it into monthly cash in and out. This is like your checkbook. Projecting when you will use your money helps you handle when to get operating funds to bridge the negative months. This exercise is a critical action plan. The spreadsheets can be modified to fit your business situation.

The excel disk has three business samples, Dairy, Crop and Generic. Each sample has a budget and then one spreadsheet to track actual each month. This provides the discipline and tracking needed to manage financially.

FarmStarts mission is to provide you funds to help you operate your business on a sound basis. Piling up unpaid bills with large monthly interest charges is not wise nor is leaving excess funds in your checking account.Presentation of Your Plan

The final format of your completed business plan depends on your intended use. Your primary objective in developing a business plan is to focus and communicate direction between your family, partners and key employees. Such an internal plan may not need to be packaged into a formal document, but may rather be composed of an organized series of objectives, goals, action plans and budgets. The planning and budgeting process should appropriately become a regular part of managing your business on an ongoing basis. In this case, your plan is a continual and ongoing working plan.

If you intend to present your completed business plan to third parties (i.e. lenders, investors, and grant programs) or if your business involves a large ownership or investor base that you want to present with a formal plan, then preparing a formal document is necessary. The document provides third party readers with information they need concerning your business. It should present your plans and projections in a clear and concise manner. The document is an excellent tool for selling your business proposal to lenders, provided you have done your homework and presented a well-researched and realistic plan. The following is an outline to follow for your final business plan document:

1. Cover Page The cover page should state the name, address, and all important phone numbers for the business. You should also list the key owner(s) and/or manager(s) that are the contact or go-to person(s) for the business.

2. Executive Summary The purpose of the executive summary is to present the big picture of your business plan in a brief and concise manner. This allows the reader to get a feel for the overall plan before reading the entire narrative where the details will be described. This summary should not be more than one page in length.

3. Mission Statement Include your mission statement next. Highlight your mission statement by placing it on its own page.

4. Organizational Chart Include your organizational chart here. This gives the reader a clear and visual description of the management and staffing structure of your business.

5. Description of the Business (including objectives, goals, action plans) In this narrative body of your business plan, integrate the results of your objectives, goals and action plans. Make sure you have included the five components. 6. Projections and Financial Statements This is the blood and guts of your plan. Historic financial statements can include copies of your tax returns or income and expense statements along with market and book value balance sheets. Thoughtful earnings projections are vital to document the feasibility of your planned new expansions, diversification or enterprises. Cash flow projections with capital spending budgets are very important to include.To ensure action plans are achieving the desired results, control mechanisms need to be in place to monitor progress. The management function of controlling is measuring and reporting actual performance at prescribed intervals comparing that performance to set standards, and taking appropriate corrective action when events are not contributing to the success of the goal.

Control mechanisms may involve holding regular (weekly or monthly) management and/or staff meetings to communicate progress on various action plans. They may also involve putting into place accounting procedures where ratios or per unit costs are calculated and tracked for regular review by managers. The key to successful action plans is proper monitoring and comparison to predetermined measurable standards with proper corrective action when necessary.

Issues to Help You Develop and Shape Your Written Business Plan:1. Type of business: primarily retail, wholesale, etc.?

2. What is the nature of the product(s) or services(s)?

3. Business form: sole proprietorship, partnership, limited liability Company, and corporation?

4. Who are the customers?

5. Why is your business going to be profitable?

6. When will (did) your business open?

7. What hours of the day and days of the week will you be (are you) in operation?

For a New Business:8. Why will you be successful in this business?

9. What is your experience in this business?

10. Have you spoken with other people in this kind of business? What was their response?

11. What will be special about your business?

12. Have you spoken with prospective trade suppliers to find out what managerial and/or technical help they will provide?

13. Have you asked about trade credit?

14. If you will be doing any contract work, what are the terms? Reference any firm contract 15. Do you have letters of intent for prospective suppliers of purchases?

For A Take-Over:16. When and by whom was the business founded?

17. Why is the owner selling it?

18. How did you arrive at a purchase price for the business?

19. What is the trend of sales?

20. If the business is going downhill, why? How can you turn it around?

21. How will your management make the business more profitable?

The Market:1. Who exactly is your market? Describe characteristics: age, sex, profession, income, etc.,

2. What is the present size of the market?

3. What percent of the market will you have?

4. What is the markets growth potential?

5. As the market grows, does your share increase or decrease?

6. How are you going to satisfy your market?

7. How will you attract and keep this market?8. How can you expand your market?

9. How are you going to price your service, product, or merchandise to make a fair profit and, at the same time, be competitive?

10. What price do you anticipate getting for your product?

11. Is the price competitive?

12. Why will someone pay your price?

13. How did you arrive at the price? Is it profitable?

14. What special advantages do you offer that may justify higher price (you dont necessarily have to engage in direct price competition)?

15. Will you offer credit to your customers (accounts receivable)? If so, is this really necessary? Can you afford to extend credit? Can you afford bad debts?

Competition:1. Who are your five nearest competitors? List them by name.

2. How will your operation be better than theirs?

3. How is their business: steady? Increasing? Decreasing? Why?

4. How are their operations similar and dissimilar to yours?

5. What are their strengths and/or weaknesses?

6. What have you learned from watching their operations?

Location of the Business:1. Will some or all your buildings be leased or owned? State the terms.

2. If renovations are needed, what are they? What is the expected cost? Get quotes in WRITING from more than one contractor.

3. What is the neighborhood like (stable, changing, improving, deteriorating)? Are there other special permits or licenses you may need?

4. Does the zoning permit your kind of business?

5. What kind of businesses are in the area?

6. Have you considered other areas? Why is this one the desirable site for your business?

7. Why is this the right building and location for your business?

8. How does this location affect your operating costs?Management:1. What is your business background?

2. What management experience have you had?

3. What education have you had (including both formal and informal learning experiences) which have bearing on your managerial abilities?

4. Personal data: age, where you live and have lived, special abilities and interests, reasons for going into business?

5. Are you physically suited to the job? Stamina counts.6. Why are you going to be successful at this venture?

7. Do you have direct operational experience in this type of business?8. Do you have managerial experience in this type of business?9. Do you have managerial experience acquired somewhere else whether in totally different kinds of business, or as an offshoot of club or team membership, civic or church work, etc.?

10. Who does what? Who reports to whom? Where do final decisions get made?

11. What will management be paid?

12. What other resources will be available (accountant, lawyer)?

Personnel:1. What are your personnel needs now? In the near future? In five years?

2. What skills must they have?

3. Are the people you need available?

4. Will your employees be full or part time?

5. Will you pay salaries or hourly wages?

6. Will you provide fringe benefits? If so, what? Have you calculated the cost of these fringe benefits?

7. Will you utilize overtime?

8. Will you have to train people? If so, at what cost to the business (both time of more experienced workers and money)?

9. Have your prepared an organizational chart for your business?

Capital Spending WorksheetsI. Equipment Inventory Review

A. List those items used every day that are vital to the business.

Item How Old Major Repair Work Needed

1. ____________ ____________________________________

2. ____________ ____________________________________

3. ____________ ____________________________________

4. ____________ ____________________________________

5. ____________ ____________________________________

6. ____________ ____________________________________

7. ____________ ____________________________________

8. ____________ ____________________________________

B. Which of the above items should be replaced in:

Year

Item Cost

______ ____________ ____________

______ ____________ ____________

______ ____________ ____________

______ ____________ ____________

______ ____________ ____________

C. List those items that are not on a regular tradein basis as to when they might need to be replaced.

Year

Item Cost

______ ____________ ____________

______ ____________ ____________

______ ____________ ____________

______ ____________ ____________

______ ____________ ____________

D. List other items you could use and when you might purchase them.

Year

Item Cost

______ ____________ ____________

______ ____________ ____________

______ ____________ ____________

______ ____________ ____________

______ ____________ ____________

II. Building Repairs and Improvements (Anything Costing $5,000 or More)

List items When (priority)

Cost

A. _______________ _______________ _______________

B. _______________ _______________ _______________

C. _______________ _______________ _______________

D. _______________ _______________ _______________

E. _______________ _______________ _______________

F. _______________ _______________ _______________

III. Land Improvements List items When (priority)

Cost

A. _______________ _______________ _______________

B. _______________ _______________ _______________

C. _______________ _______________ _______________

D. _______________ _______________ _______________

E. _______________ _______________ _______________

F. _______________ _______________ _______________

IV. Assets that would be Needed for Expansion or New Enterprise


Cost

A. _______________ _______________ _______________

B. _______________ _______________ _______________

C. _______________ _______________ _______________

D. _______________ _______________ _______________

E. _______________ _______________ _______________

F. _______________ _______________ _______________

V. Other Investments: Non-farm, Retirement, etc.


Cost

A. _______________ _______________ _______________

B. _______________ _______________ _______________

C. _______________ _______________ _______________

D. _______________ _______________ _______________

E. _______________ _______________ _______________

F. _______________ _______________ _______________

Capital Needs List SummaryPRIVATE

Year Equipment Building Improvements Land Improvements OtherTotal Cost20__ 1._____________ _____ 1.___________________ 1._____________ _____ 1._____________ _____

2._____________ _____ 2.___________________ 2._____________ _____ 2._____________ _____

3._____________ _____ 3.___________________ 3._____________ _____ 3._____________ _____

20__ 1._____________ _____ 1.___________________ 1._____________ _____ 1._____________ _____

2._____________ _____ 2.___________________ 2._____________ _____ 2._____________ _____

3._____________ _____ 3.___________________ 3._____________ _____ 3._____________ _____

20__ 1._____________ _____ 1.___________________ 1._____________ _____ 1._____________ _____

2._____________ _____ 2.___________________ 2._____________ _____ 2._____________ _____

3._____________ _____ 3.___________________ 3._____________ _____ 3._____________ _____

20__ 1._____________ _____ 1.___________________ 1._____________ _____ 1._____________ _____

2._____________ _____ 2.___________________ 2._____________ _____ 2._____________ _____

3._____________ _____ 3.___________________ 3._____________ _____ 3._____________ _____

20__ 1._____________ _____ 1.___________________ 1._____________ _____ 1._____________ _____

2._____________ _____ 2.___________________ 2._____________ _____ 2._____________ _____

3._____________ _____ 3.___________________ 3._____________ _____ 3._____________ _____

Five Year Total _____

Designing an Organizational Chart for Your Business

First step is to label boxes with your key functions (Divisions).

Add boxes or draw a larger one on back.

Same person can manage more than one function.

Partial List of Functions

Dairy herd

Youngstock

Calves

Feeding

Planting/Harvesting

Crop Management

Shop/Equipment

For more information, please contact your local Farm Credit office.

First Pioneer Farm Credit, ACA

2 Constitution Drive

Bedford, NH 03110-6010

(603) 472-3554


29 Landis Avenue

Bridgeton, NJ 08302-4396

(856) 451-0933


P.O. Box 400

Claverack, NY 12513-0400

(518) 851-3313


785 Hartford Pike

Dayville, CT 06241-1739

(860) 774-0717


174 South Road

Enfield, CT 06082

(860) 741-4380


9 County Road 618

Lebanon, NJ 08833-3028

(908) 782-5215


394 Route 29

Greenwich, NY 12834-2650

(518) 692-0269


P.O. Box 720

Middleboro, MA 02346-0720

(508) 946-4455


669 East Main Street

Middletown, NY 10940-2551

(845) 343-1802


1281 Rt. 58

Riverhead, NY 11901-2097

(631) 727-2188


2668 State Route 7, Suite 21

Cobleskill, NY 12043-9707

(518) 296-8188


One Technology Place, Suite 2

Homer, NY 13077-1526

(607) 749-7177


25417 NYS Route 12

Watertown, NY 13601

(315) 782-6050


One Pioneer Drive

Potsdam, NY 13676

(315) 265-8452


P.O. Box 60

Sangerfield, NY 13455

(315) 841-3398

APPENDIX A

EMBED Word.Picture.8

Financial

Payroll

Human Resources

Marketing

Retail

Labor Supervision

Maintenance

APPENDIX B

APPENDIX C

Financial

Payroll

Human Resources

Marketing

Retail

Labor Supervision

Maintenance

APPENDIX D

EMBED Word.Picture.8

24

_1216033661.xlsInstructions

Instructions

1This spreadsheet is intended to help monitor cash flow on a monthly basis. It was developed to be a tool to aid in your financial decision making. Its basic format is a simple income statement that analyzes both your gross margin and net margin. Thi

2This worksheet has a budget tab and an actual tab. The intent is that you begin with the budget tab and develop your businesss monthly budget. This should be completed with your mentor. Once this is complete, you now have a monitoring tool to measur

The actual tab is where you will track all sources and uses of cash, similar to your checkbook.

Successful managers compare their actual numbers against their budget and analyze differences, discuss the differences and react accordingly.

3As you complete the budget tab, remember:

4This spreadsheet can be customized to meet the needs of your business. You can change the chart of accounts to match your particular industry.

5Good luck!

&R&8First Pioneer Farm Credit, ACA

Budget Spreadsheet

Dairy ExampleBudget Cash Flow Spreadsheet for Year

FarmStart Dairy Client

"Worksheet Label"

BudgetBudgetBudgetBudgetBudgetBudgetBudgetBudgetBudgetBudgetBudgetBudgetBudget

JanFebMarAprMayJunJulAugSepOctNovDecTOTALPer CWTPer COW

Average Total Cows100100100100100100100100100100100100100

Average Cows In-Milk85858585858585858585858585

Pounds Milk Sold171,275171,275171,275171,275171,275171,275171,275171,275171,275171,275171,275171,2752,055,300

# Cows Sold0.00.00.00.00.00.00.00.00.00.00.00.00.0

# Cows Bought0.00.00.00.00.00.00.00.00.00.00.00.00.0

Average Gross Milk Price14.2214.2214.2214.2214.2214.2214.2214.2214.2214.2214.2214.2214.22

FARM INCOME

Milk Income24,35524,35524,35524,35524,35524,35524,35524,35524,35524,35524,35524,355292,26414.222,922.64

Calf sales5005005005005005005005005005005005006,0000.2960.00

Cull sales2,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,00024,0001.17240.00

Government Pymts1001001001001001001001001001001001001,2000.0612.00

FC Dividend1001001001001001001001001001001001001,2000.0612.00

Feed Sold1001001001001001001001001001001001001,2000.0612.00

Other2222222222222222222222222222222222222,6640.1326.64

Total Income(TI)27,37727,37727,37727,37727,37727,37727,37727,37727,37727,37727,37727,377328,52815.983,285.28

FARM EXPENSE

Labor - Cash Wages1,0001,0001,0001,0001,0001,0001,0001,0001,0001,0001,0001,00012,0000.58120.00

Payroll taxes2222222222222222222222222222222222222,6640.1326.64

Health Insurance2222222222222222222222222222222222222,6640.1326.64

Employee Other1212121212121212121212121440.011.44

Other1212121212121212121212121440.011.44

Total Labor1,4681,4681,4681,4681,4681,4681,4681,4681,4681,4681,4681,46817,6160.86176.16

Concentrate8,0008,0008,0008,0008,0008,0008,0008,0008,0008,0008,0008,00096,0004.67960.00

Roughage1212121212121212121212121440.011.44

Total Feed8,0128,0128,0128,0128,0128,0128,0128,0128,0128,0128,0128,01296,1444.68961.44

Supplies2002002002002002002002002002002002002,4000.1224.00

Breeding3003003003003003003003003003003003003,6000.1836.00

Vet3003003003003003003003003003003003003,6000.1836.00

Meds5005005005005005005005005005005005006,0000.2960.00

Bedding1,0001,0001,0001,0001,0001,0001,0001,0001,0001,0001,0001,00012,0000.58120.00

Hoof Trimming3003003003003003003003003003003003003,6000.1836.00

Misc1010101010101010101010101200.011.20

Other1212121212121212121212121440.011.44

Other1111111111111111111111111320.010.92

Total Livestock2,6332,6332,6332,6332,6332,6332,6332,6332,6332,6332,6332,63331,5961.54315.96

Marketing Cost2,2002,2002,2002,2002,2002,2002,2002,2002,2002,2002,2002,20026,4001.28264.00

Other1111111111111111111111111320.011.32

Total Marketing2,2112,2112,2112,2112,2112,2112,2112,2112,2112,2112,2112,21126,5321.29265.32

Seed1111111111111111111111111320.011.32

Fertilizer & Chemicals1111111111111111111111111320.011.32

Custom Hire1111111111111111111111111320.011.32

Fuel1,8771,8771,8771,8771,8771,8771,8771,8771,8771,8771,8771,87722,5241.10225.24

Total Crop1,9101,9101,9101,9101,9101,9101,9101,9101,9101,9101,9101,91022,9201.12229.20

Total Variable Costs (VC)16,23416,23416,23416,23416,23416,23416,23416,23416,23416,23416,23416,234194,8089.481,948.08

GROSS MARGIN (TI-VC)11,14311,14311,14311,14311,14311,14311,14311,14311,14311,14311,14311,143133,7206.511,337.20

GROSS MARGIN %40.7%40.7%40.7%40.7%40.7%40.7%40.7%40.7%40.7%40.7%40.7%40.7%40.7%40.7%40.7%


JanFebMarAprMayJunJulAugSepOctNovDecTOTALPer CWTPer COW

Insurance2,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,50030,0001.46300.00

Interest2,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,00024,0001.17240.00

Land Rent2,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,00022,0001.07220.00

Machinery Rent1111111111111111111111111320.011.32

Repairs2,0122,0120.1023.67

Real Estate Taxes1,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,20014,4000.70144.00

Utilities1,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,20014,4000.70144.00

Misc.1,6401,6401,6401,6401,6401,6401,6401,6401,6401,6401,6401,64019,6800.96196.80

Total Fixed Costs (FC)12,56310,55110,55110,55110,55110,55110,55110,55110,55110,55110,55110,551126,6246.161,266.24

NET MARGIN (TI-VC-FC)(1,420)5925925925925925925925925925925925,0960.2550.96

NET MARGIN %-5.2%2.2%2.2%2.2%2.2%2.2%2.2%2.2%2.2%2.2%2.2%2.2%1.6%1.6%1.6%

Total Funds Available (NM+Int)5802,5922,5922,5922,5922,5922,5922,5922,5922,5922,5922,59229,0961.42290.96

Family Living Expense2,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,00024,0001.17240.00

Operating Payment (Interest Only)1111111111111111111111111320.011.32

FarmStart Payment1001001001001001001001001001001001001,2000.0612.00

Capital Payment1111111111111111111111111320.011.32

Other Payments1111111111111111111111111320.011.32

Dealer Payments4,1304,1304,1304,1304,1304,1304,1304,1304,1304,1304,1304,13049,5602.41495.60

FSA Mortgages86786786786786786786786786786786786710,4040.51104.04

FPFC Mortgage1,0561,0561,0561,0561,0561,0561,0561,0561,0561,0561,0561,05612,6720.62126.72

Total Scheduled Debt Payments6,1866,1866,1866,1866,1866,1866,1866,1866,1866,1866,1866,18674,2323.61742.32

Total Cash Required8,1868,1868,1868,1868,1868,1868,1868,1868,1868,1868,1868,18698,2324.78982.32

Operations Cash Surplus/Deficit(7,606)(5,594)(5,594)(5,594)(5,594)(5,594)(5,594)(5,594)(5,594)(5,594)(5,594)(5,594)(69,136)(3.36)(691.36)

Other Sources/Uses of Cash

FarmStart Funds50,0000.00.00.00.00.00.00.00.00.00.00.050,0002.43500.00

Draw from Savings2002002002002002000.00.00.00.00.00.01,2000.0612.00

Money Borrowed0.00.00.00.00.00.01,0001,0001,0001,0001,0001,0006,0000.2960.00

Capital Sales0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Capital Purchases0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Extra Principal Paid on Loans0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Net Cash from Other Sources/Uses50,2002002002002002001,0001,0001,0001,0001,0001,00057,2002.78572.00

Monthly Cash Flow42,594(5,394)(5,394)(5,394)(5,394)(5,394)(4,594)(4,594)(4,594)(4,594)(4,594)(4,594)(11,936)(0.58)(119.36)

Beginning Cash/Checking Balance1,00043,59438,20132,80727,41322,02016,62612,0327,4382,845(1,749)(6,343)(10,936)(0.53)(109.36)

Ending Cash/Checking Balance43,59438,20132,80727,41322,02016,62612,0327,4382,845(1,749)(6,343)(10,936)0.0

Cumulative Cash Flow43,59438,20132,80727,41322,02016,62612,0327,4382,845(1,749)(6,343)(10,936)(10,936)(0.53)(109.36)


LEHRJ:

Actual Spreadsheet

Actual Cash Flow Spreadsheet for Year

FarmStart Dairy Client

"Worksheet Label"

ActualActualActualActualActualActualActualActualActualActualActualActualActual

JanFebMarAprMayJunJulAugSepOctNovDecTOTALPer CWT

Average Total Cows100100

Average Cows In-Milk857

Pounds Milk Sold171,275171,275

# Cows Sold0.00.0

# Cows Bought0.00.0

Average Gross Milk Price14.22

FARM INCOME

Milk Income24,35524,35514.22

Calf sales5005000.29

Cull sales2,0002,0001.17

Government Pymts1001000.06

FC Dividend1001000.06

Feed Sold1001000.06

Other2222220.13

Total Income(TI)27,3770.00.00.00.00.00.00.00.00.00.00.027,37715.98

FARM EXPENSE

Labor - Cash Wages1,0001,0000.58

Payroll taxes2222220.13

Health Insurance2222220.13

Employee Other12120.01

Other12120.01

Total Labor1,4680.00.00.00.00.00.00.00.00.00.00.01,4680.86

Concentrate8,0008,0004.67

Roughage12120.01

Total Feed8,0120.00.00.00.00.00.00.00.00.00.00.08,0124.68

Supplies2002000.12

Breeding3003000.18

Vet3003000.18

Meds5005000.29

Bedding1,0001,0000.58

Hoof Trimming3003000.18

Misc10100.01

Other12120.01

Other11110.01

Total Livestock2,6330.00.00.00.00.00.00.00.00.00.00.02,6331.54

Marketing Cost2,2002,2001.28

Other11110.01

Total Marketing2,2110.00.00.00.00.00.00.00.00.00.00.02,2111.29


JanFebMarAprMayJunJulAugSepOctNovDecTOTALPer CWT

Seed11110.01

Fertilizer & Chemicals11110.01

Custom Hire11110.01

Fuel1,8771,8771.10

Total Crop1,9100.00.00.00.00.00.00.00.00.00.00.01,9101.12

Total Variable Costs (VC)16,2340.00.00.00.00.00.00.00.00.00.00.016,23416,234

GROSS MARGIN (TI-VC)11,1430.00.00.00.00.00.00.00.00.00.00.011,14311,143

GROSS MARGIN %40.7%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0

Insurance2,5002,5001.46

Interest2,0002,0001.17

Land Rent2,0002,0001.17

Machinery Rent11110.01

Repairs2,0122,0121.17

Real Estate Taxes1,2001,2000.70

Utilities1,2001,2000.70

Misc.1,6401,6400.96

Total Fixed Costs (FC)12,5630.00.00.00.00.00.00.00.00.00.00.012,5637.33

NET MARGIN (TI-VC-FC)(1,420)0.00.00.00.00.00.00.00.00.00.00.0(1,420)(1,420)

NET MARGIN %-5.2%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0

Total Funds Available (NM+Int)5800.00.00.00.00.00.00.00.00.00.00.05800.34

Family Living Expense2,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,00024,00014.01

Operating Payment (Interest Only)11110.01

FarmStart Payment1001000.06

Capital Payment11110.01

Other Payments11110.01

Dealer Payments4,1304,1302.41

FSA Mortgages8678670.51

FPFC Mortgage1,0561,0560.62

Total Scheduled Debt Payments6,1860.00.00.00.00.00.00.00.00.00.00.06,1863.61

Total Cash Required8,1862,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,00030,18617.62

Operations Cash Surplus/Deficit(7,606)(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)(29,606)(17.29)


FarmStart Funds50,00050,00029.19

Draw from Savings2002000.12

Money Borrowed1,0001,0000.58

Capital Sales0.00.00.0

Capital Purchases0.00.00.0

Extra Principal Paid on Loans0.00.00.0

Net Cash from Other Sources/Uses51,2000.00.00.00.00.00.00.00.00.00.00.051,20029.89

Monthly Cash Flow43,594(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)21,59412.61

Beginning Cash/Checking Balance1,00044,59442,59440,59438,59436,59434,59432,59430,59428,59426,59424,59422,59413.19

Ending Cash/Checking Balance44,59442,59440,59438,59436,59434,59432,59430,59428,59426,59424,59422,594

Cumulative Cash Flow44,59442,59440,59438,59436,59434,59432,59430,59428,59426,59424,59422,59422,59413.19

&CPage &P&R&8First Pioneer Farm Credit, ACA

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Instructions







5Good luck!


Budget Spreadsheet

Crop ExampleBudget Cash Flow Spreadsheet for Year

"Worksheet Label"


JanFebMarAprMayJunJulAugSepOctNovDecTOTALper tonPer ACRE

Average Total Acres - Corn1,0001,0001,0001,0001,0001,0001,0001,0001,0001,0001,0001,0001,000

0.00.00.00.00.00.00.00.00.04,0000.00.04,000

Average Price per unit0.000.000.000.000.000.000.000.000.0090.000.000.0090.00

FARM INCOME

Crop Sales0.00.00.00.00.00.00.00.00.0360,0000.00.0360,00090.00360.00

Crop Sales5005005005005005005005005005005005006,0001.506.00

Crop Sales2,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,00024,0006.0024.00

Crop Sales1001001001001001001001001001001001001,2000.301.20

Crop Sales1001001001001001001001001001001001001,2000.301.20

Other1001001001001001001001001001001001001,2000.301.20

Other2222222222222222222222222222222222222,6640.672.66

Total Income(TI)3,0223,0223,0223,0223,0223,0223,0223,0223,022363,0223,0223,022396,26499.07396.26

FARM EXPENSE

Labor1,0001,0001,0001,0001,0001,0001001,0001,0001,0001,0001,00011,1002.7811.10

Payroll taxes2222222222222222222222222222222222222,6640.672.66

Insurance2222222222222222222222222222222222222,6640.672.66

Employee Other1212121212121212121212121440.040.14

Other1212121212121212121212121440.040.14

Total Labor1,4681,4681,4681,4681,4681,4685681,4681,4681,4681,4681,46816,7164.1816.72

0.0

Marketing Cost2,2002,2002,2002,2002,2002,200102,2002,2002,2002,2002,20024,2106.0524.21

Other1111111111111111111111111320.030.13

Total Marketing2,2112,2112,2112,2112,2112,211212,2112,2112,2112,2112,21124,3426.0924.34

0.0

Seed1111111111111111111111111320.030.13


Custom Hire1111111111111111111111111320.030.13

Fuel1,8771,8771,8771,8771,8771,8771,8771,8771,8771,8771,8771,87722,5245.6322.52

Total Crop1,9101,9101,9101,9101,9101,9101,9101,9101,9101,9101,9101,91022,9205.7322.92

0.0

Total Variable Costs (VC)5,5895,5895,5895,5895,5895,5892,4995,5895,5895,5895,5895,58963,97815.9963.98

GROSS MARGIN (TI-VC)(2,567)(2,567)(2,567)(2,567)(2,567)(2,567)523(2,567)(2,567)357,433(2,567)(2,567)332,28683.07332.29

GROSS MARGIN %-84.9%-84.9%-84.9%-84.9%-84.9%-84.9%17.3%-84.9%-84.9%98.5%-84.9%-84.9%83.9%

Insurance2,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,50030,0007.5030.00

Interest2,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,00024,0006.0024.00

Land Rent2,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,00022,0005.5022.00

Machinery Rent1111111111111111111111111320.030.13

Repairs2,0121,0001,0000.251.00


Utilities1,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,20014,4003.6014.40

Misc.1,6401,6401,6401,6401,6401,6401,6401,6401,6401,6401,6401,64019,6804.9219.68

Total Fixed Costs (FC)12,56310,55110,55110,55110,55110,55111,55110,55110,55110,55110,55110,551125,61231.40125.61

NET MARGIN (TI-VC-FC)(15,130)(13,118)(13,118)(13,118)(13,118)(13,118)(11,028)(13,118)(13,118)346,882(13,118)(13,118)202,66250.67202.66

NET MARGIN %-500.7%-434.1%-434.1%-434.1%-434.1%-434.1%-364.9%-434.1%-434.1%95.6%-434.1%-434.1%51.1%0.00

0.0

Total Funds Available (NM+Int)(13,130)(11,118)(11,118)(11,118)(11,118)(11,118)(9,028)(11,118)(11,118)348,882(11,118)(11,118)226,66256.67226.66

0.0


0.0



Capital Payment1111111111111111111111111320.030.13

Other Payments1111111111111111111111111320.030.13

Dealer Payments4,1304,1304,1304,1304,1304,1304,1304,1304,1304,1304,1304,13049,56012.3949.56

FSA Mortgages86786786786786786786786786786786786710,4042.6010.40

FPFC Mortgage1,0561,0561,0561,0561,0561,0561,0561,0561,0561,0561,0561,05612,6723.1712.67


0.0


0.0

Operations Cash Surplus/Deficit(21,316)(19,304)(19,304)(19,304)(19,304)(19,304)(17,214)(19,304)(19,304)340,696(19,304)(19,304)128,43032.11128.43

0.0

Other Sources/Uses of Cash0.0

FarmStart Funds50,0000.00.00.00.00.00.00.00.00.00.00.050,00012.5050.00


Money Borrowed0.00.00.00.00.00.01,0001,0001,0001,0001,0001,0006,0001.506.00

Capital Sales0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0




0.0

Monthly Cash Flow28,884(19,104)(19,104)(19,104)(19,104)(19,104)(16,214)(18,304)(18,304)341,696(18,304)(18,304)185,63046.41185.63

0.0

Beginning Cash/Checking Balance1,00029,88410,780(8,324)(27,428)(46,532)(65,636)(81,850)(100,154)(118,458)223,238204,934186,63046.66186.63

Ending Cash/Checking Balance29,88410,780(8,324)(27,428)(46,532)(65,636)(81,850)(100,154)(118,458)223,238204,934186,6300.00.0

Cumulative Cash Flow29,88410,780(8,324)(27,428)(46,532)(65,636)(81,850)(100,154)(118,458)223,238204,934186,630186,63046.66186.63

0.0

0.0


Actual Spreadsheet


"Worksheet Label"


JanFebMarAprMayJunJulAugSepOctNovDecTOTALper ton


0.00.00.00.00.00.00.00.00.04,0000.00.04,000


FARM INCOME

Crop Sales0.00.00.00.00.00.00.00.00.0360,0000.00.0360,00090.00

Crop Sales5005005005005005005005005005005005006,000$1.50

Crop Sales2,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,00024,0006.00

Crop Sales1001001001001001001001001001001001001,2000.30

Crop Sales1001001001001001001001001001001001001,2000.30

Other1001001001001001001001001001001001001,2000.30

Other2222222222222222222222222222222222222,6640.67

Total Income(TI)3,0223,0223,0223,0223,0223,0223,0223,0223,022363,0223,0223,022396,26499.07

FARM EXPENSE

Labor1,0001,0001,0001,0001,0001,0001001,0001,0001,0001,0001,00011,1002.78

Payroll taxes2222222222222222222222222222222222222,6640.67

Insurance2222222222222222222222222222222222222,6640.67

Employee Other1212121212121212121212121440.04

Other1212121212121212121212121440.04

Total Labor1,4681,4681,4681,4681,4681,4685681,4681,4681,4681,4681,46816,7164.18

0.0

0.0

Marketing Cost2,2002,2002,2002,2002,2002,200102,2002,2002,2002,2002,20024,2106.05

Other1111111111111111111111111320.03

Total Marketing2,2112,2112,2112,2112,2112,211212,2112,2112,2112,2112,21124,3426.09

0.0

Seed1111111111111111111111111320.03


Custom Hire1111111111111111111111111320.03

Fuel1,8771,8771,8771,8771,8771,8771,8771,8771,8771,8771,8771,87722,5245.63

Total Crop1,9101,9101,9101,9101,9101,9101,9101,9101,9101,9101,9101,91022,9205.73

0.0

Total Variable Costs (VC)5,5895,5895,5895,5895,5895,5892,4995,5895,5895,5895,5895,58963,97815.99

GROSS MARGIN (TI-VC)(2,567)(2,567)(2,567)(2,567)(2,567)(2,567)523(2,567)(2,567)357,433(2,567)(2,567)332,28683.07

GROSS MARGIN %-84.9%-84.9%-84.9%-84.9%-84.9%-84.9%17.3%-84.9%-84.9%98.5%-84.9%-84.9%83.9%0.00

0.0

Insurance2,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,50030,0007.50

Interest2,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,00024,0006.00

Land Rent2,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,00022,0005.50

Machinery Rent1111111111111111111111111320.03

Repairs2,0122,0120.50

Real Estate Taxes1,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,20014,4003.60

Utilities1,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,20014,4003.60

Misc.1,6401,6401,6401,6401,6401,6401,6401,6401,6401,6401,6401,64019,6804.92

Total Fixed Costs (FC)12,56310,55110,55110,55110,55110,55110,55110,55110,55110,55110,55110,551126,62431.66

NET MARGIN (TI-VC-FC)(15,130)(13,118)(13,118)(13,118)(13,118)(13,118)(10,028)(13,118)(13,118)346,882(13,118)(13,118)203,66250.92

NET MARGIN %-500.7%-434.1%-434.1%-434.1%-434.1%-434.1%-331.8%-434.1%-434.1%95.6%-434.1%-434.1%51.4%0.00

0.0

Total Funds Available (NM+Int)(13,130)(11,118)(11,118)(11,118)(11,118)(11,118)(8,028)(11,118)(11,118)348,882(11,118)(11,118)227,66256.92

0.0



JanFebMarAprMayJunJulAugSepOctNovDecTOTALPer YIELD


FarmStart Payment1001001001001001001001001001001001001,2000.30

Capital Payment1111111111111111111111111320.03

Other Payments1111111111111111111111111320.03

Dealer Payments4,1304,1304,1304,1304,1304,1304,1304,1304,1304,1304,1304,13049,56012.39

FSA Mortgages86786786786786786786786786786786786710,4042.60

FPFC Mortgage1,0561,0561,0561,0561,0561,0561,0561,0561,0561,0561,0561,05612,6723.17

Total Scheduled Debt Payments6,1866,1866,1866,1866,1866,1866,1866,1866,1866,1866,1866,18674,23218.56

0.0


Operations Cash Surplus/Deficit(21,316)(19,304)(19,304)(19,304)(19,304)(19,304)(16,214)(19,304)(19,304)340,696(19,304)(19,304)129,43032.36


FarmStart Funds50,0000.00.00.00.00.00.00.00.00.00.00.050,00012.50

Draw from Savings2002002002002002000.00.00.00.00.00.01,2000.30

Money Borrowed0.00.00.00.00.00.01,0001,0001,0001,0001,0001,0006,0001.50

Capital Sales0.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Capital Purchases0.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Extra Principal Paid on Loans0.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Net Cash from Other Sources/Uses50,2002002002002002001,0001,0001,0001,0001,0001,00057,20014.30

0.0

Monthly Cash Flow28,884(19,104)(19,104)(19,104)(19,104)(19,104)(15,214)(18,304)(18,304)341,696(18,304)(18,304)186,63046.66

0.0

Beginning Cash/Checking Balance1,00029,88410,780(8,324)(27,428)(46,532)(65,636)(80,850)(99,154)(117,458)224,238205,934187,63046.91

Ending Cash/Checking Balance29,88410,780(8,324)(27,428)(46,532)(65,636)(80,850)(99,154)(117,458)224,238205,934187,6300.0

Cumulative Cash Flow29,88410,780(8,324)(27,428)(46,532)(65,636)(80,850)(99,154)(117,458)224,238205,934187,630187,63046.91

0.0


FarmStart Funds50,00050,00012.50






Net Cash from Other Sources/Uses51,2000.00.00.00.00.00.00.00.00.00.00.051,20012.80

0.0

Monthly Cash Flow81,08410,780(8,324)(27,428)(46,532)(65,636)(80,850)(99,154)(117,458)224,238205,934187,630264,28466.07

0.0

Beginning Cash/Checking Balance1,00082,08492,86484,54057,11210,580(55,056)(135,906)(235,060)(352,518)(128,280)77,654265,28466.32

Ending Cash/Checking Balance82,08492,86484,54057,11210,580(55,056)(135,906)(235,060)(352,518)(128,280)77,654265,2840.0

Cumulative Cash Flow82,08492,86484,54057,11210,580(55,056)(135,906)(235,060)(352,518)(128,280)77,654265,284265,28466.32

&CPage &P&R&8First Pioneer Farm Credit, ACA 2006

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Instructions







5Good luck!


Budget Spreadsheet

Widget ExampleBudget Cash Flow Spreadsheet for Year

"Worksheet Label"


JanFebMarAprMayJunJulAugSepOctNovDecTOTALPer YIELDPer WIDGET

Average Total Widgets1,0001,0001,0001,0001,0001,0001,0001,0001,0001,0001,0001,00012,000

2122122334444455156


FARM INCOME

Widget Sales44550.051101,81512121323601322202,89718.570.24

Widget Sales5005005005005005005005005005005005006,00038.460.50

Widget Sales2,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,00024,000153.852.00

Other1001001001001001001001001001001001001,2007.690.10

Other1001001001001001001001001001001001001,2007.690.10

Other1001001001001001001001001001001001001,2007.690.10

Other2222222222222222222222222222222222222,66417.080.22

Total Income(TI)3,0663,0773,0223,0273,1324,8373,0343,0343,1543,3823,1543,24239,161251.033.26

FARM EXPENSE

Labor1,0001,0001,0001,0001,0001,0001001,0001,0001,0001,0001,00011,10071.150.93

Payroll taxes2222222222222222222222222222222222222,66417.080.22

Insurance2222222222222222222222222222222222222,66417.080.22

Employee Other12121212121212121212121214492.310.01

Other12121212121212121212121214492.310.01

Total Labor1,4681,4681,4681,4681,4681,4685681,4681,4681,4681,4681,46816,716107.151.39

Marketing Cost2,2002,2002,2002,2002,2002,200102,2002,2002,2002,2002,20024,210155.192.02

Other1111111111111111111111111320.850.01

Total Marketing2,2112,2112,2112,2112,2112,211212,2112,2112,2112,2112,21124,342156.042.03

0.0

Other Widget Variable Cost1111111111111111111111111320.850.01



Other Widget Variable Cost1,8771,8771,8771,8771,8771,8771,8771,8771,8771,8771,8771,87722,524144.381.88

Total Other1,9101,9101,9101,9101,9101,9101,9101,9101,9101,9101,9101,91022,920146.921.91

0.0


GROSS MARGIN (TI-VC)(2,523)(2,512)(2,567)(2,562)(2,457)(752)535(2,555)(2,435)(2,207)(2,435)(2,347)(24,817)(159.08)(2.07)

GROSS MARGIN %-82.3%-81.6%-84.9%-84.6%-78.4%-15.5%17.6%-84.2%-77.2%-65.3%-77.2%-72.4%-63.4%

Insurance2,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,50030,000192.312.50

Interest2,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,00024,000153.852.00

Land Rent2,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,00022,000141.031.83

Machinery Rent1111111111111111111111111320.850.01

Repairs2,0122,01212.900.17


Utilities1,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,20014,40092.311.20

Misc.1,6401,6401,6401,6401,6401,6401,6401,6401,6401,6401,6401,64019,680126.151.64


NET MARGIN (TI-VC-FC)(15,086)(13,063)(13,118)(13,113)(13,008)(11,303)(10,016)(13,106)(12,986)(12,758)(12,986)(12,898)(153,441)(983.60)(12.79)

NET MARGIN %-492.0%-424.5%-434.1%-433.2%-415.3%-233.7%-330.1%-432.0%-411.7%-377.2%-411.7%-397.8%-391.8%(0.03)

0.0

Total Funds Available (NM+Int)(13,086)(11,063)(11,118)(11,113)(11,008)(9,303)(8,016)(11,106)(10,986)(10,758)(10,986)(10,898)(129,441)(829.75)(10.79)

0.0


0.0



Capital Payment1111111111111111111111111320.850.01

Other Payments1111111111111111111111111320.850.01

Dealer Payments4,1304,1304,1304,1304,1304,1304,1304,1304,1304,1304,1304,13049,560317.694.13

FSA Mortgages (3)86786786786786786786786786786786786710,40466.690.87

FPFC Mortgage (1)1,0561,0561,0561,0561,0561,0561,0561,0561,0561,0561,0561,05612,67281.231.06


0.0


Operations Cash Surplus/Deficit(21,272)(19,249)(19,304)(19,299)(19,194)(17,489)(16,202)(19,292)(19,172)(18,944)(19,172)(19,084)(227,673)(1,459.44)(18.97)


FarmStart Funds50,0000.00.00.00.00.00.00.00.00.00.00.050,000320.514.17


Money Borrowed0.00.00.00.00.00.01,0001,0001,0001,0001,0001,0006,00038.460.50

Capital Sales0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0




0.0

Monthly Cash Flow28,928(19,049)(19,104)(19,099)(18,994)(17,289)(15,202)(18,292)(18,172)(17,944)(18,172)(18,084)(170,473)(1,092.78)(14.21)

0.0

Beginning Cash/Checking Balance1,00029,92810,879(8,225)(27,324)(46,318)(63,607)(78,809)(97,101)(115,273)(133,217)(151,389)(169,473)(1,086.37)(14.12)

Ending Cash/Checking Balance29,92810,879(8,225)(27,324)(46,318)(63,607)(78,809)(97,101)(115,273)(133,217)(151,389)(169,473)0.00.0

Cumulative Cash Flow29,92810,879(8,225)(27,324)(46,318)(63,607)(78,809)(97,101)(115,273)(133,217)(151,389)(169,473)(169,473)(1,086.37)(14.12)


LEHRJ:

Actual Spreadsheet


"Worksheet Label"


JanFebMarAprMayJunJulAugSepOctNovDecTOTALPer Widget

Average Total Widgets100100

Total Widget Yield3333

Average Price per Unit2.000.17

FARM INCOME

Widget Sales66662.00


Widget Sales2,0002,00060.61

Other1001003.03

Other1001003.03

Other1001003.03

Other2222226.73

Total Income(TI)3,0880.00.00.00.00.00.00.00.00.00.00.03,08893.58

0.0

FARM EXPENSE0.0

Labor1,0001,00030.30


Insurance2222226.73


Other12120.36

Total Labor1,4680.00.00.00.00.00.00.00.00.00.00.01,46844.48

0.0


Other11110.33

Total Marketing2,2110.00.00.00.00.00.00.00.00.00.00.02,21167.00

0.0

Other Widget Variable Cost11110.33



Other Widget Variable Cost1,8771,87756.88

Total Other1,9100.00.00.00.00.00.00.00.00.00.00.01,91057.88

0.0

Total Variable Costs (VC)5,5890.00.00.00.00.00.00.00.00.00.00.05,589169.36

GROSS MARGIN (TI-VC)(2,501)0.00.00.00.00.00.00.00.00.00.00.0(2,501)(75.79)

GROSS MARGIN %-81.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.00.0

0.0

Insurance2,5002,50075.76

Interest2,0002,00060.61

Land Rent2,0002,00060.61


Repairs2,0122,01260.97


Utilities1,2001,20036.36

Misc.1,6401,64049.70


NET MARGIN (TI-VC-FC)(15,064)0.00.00.00.00.00.00.00.00.00.00.0(15,064)(456.48)

NET MARGIN %-487.8%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.00.0

0.0

Total Funds Available (NM+Int)(13,064)0.00.00.00.00.00.00.00.00.00.00.0(13,064)(395.88)

0.0


0.0






FSA Mortgages (3)86786726.27

FPFC Mortgage (1)1,0561,05632.00


0.0


0.0

Operations Cash Surplus/Deficit(21,250)(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)(43,250)(1,310.61)

0.0


FarmStart Funds50,00050,0001,515.15






Net Cash from Other Sources/Uses51,2000.00.00.00.00.00.00.00.00.00.00.051,2001,551.52

0.0


0.0


Ending Cash/Checking Balance30,95028,95026,95024,95022,95020,95018,95016,95014,95012,95010,9508,9500.0



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Instructions







5Good luck!


Budget Spreadsheet

Widget ExampleBudget Cash Flow Spreadsheet for Year

"Worksheet Label"


JanFebMarAprMayJunJulAugSepOctNovDecTOTALPer YIELDPer WIDGET

Average Total Widgets1,0001,0001,0001,0001,0001,0001,0001,0001,0001,0001,0001,00012,000

2122122334444455156


FARM INCOME

Widget Sales44550.051101,81512121323601322202,89718.570.24

Widget Sales5005005005005005005005005005005005006,00038.460.50

Widget Sales2,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,00024,000153.852.00

Other1001001001001001001001001001001001001,2007.690.10

Other1001001001001001001001001001001001001,2007.690.10

Other1001001001001001001001001001001001001,2007.690.10

Other2222222222222222222222222222222222222,66417.080.22

Total Income(TI)3,0663,0773,0223,0273,1324,8373,0343,0343,1543,3823,1543,24239,161251.033.26

FARM EXPENSE

Labor1,0001,0001,0001,0001,0001,0001001,0001,0001,0001,0001,00011,10071.150.93

Payroll taxes2222222222222222222222222222222222222,66417.080.22

Insurance2222222222222222222222222222222222222,66417.080.22

Employee Other12121212121212121212121214492.310.01

Other12121212121212121212121214492.310.01

Total Labor1,4681,4681,4681,4681,4681,4685681,4681,4681,4681,4681,46816,716107.151.39

Marketing Cost2,2002,2002,2002,2002,2002,200102,2002,2002,2002,2002,20024,210155.192.02

Other1111111111111111111111111320.850.01

Total Marketing2,2112,2112,2112,2112,2112,211212,2112,2112,2112,2112,21124,342156.042.03

0.0




Other Widget Variable Cost1,8771,8771,8771,8771,8771,8771,8771,8771,8771,8771,8771,87722,524144.381.88

Total Other1,9101,9101,9101,9101,9101,9101,9101,9101,9101,9101,9101,91022,920146.921.91

0.0


GROSS MARGIN (TI-VC)(2,523)(2,512)(2,567)(2,562)(2,457)(752)535(2,555)(2,435)(2,207)(2,435)(2,347)(24,817)(159.08)(2.07)

GROSS MARGIN %-82.3%-81.6%-84.9%-84.6%-78.4%-15.5%17.6%-84.2%-77.2%-65.3%-77.2%-72.4%-63.4%

Insurance2,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,50030,000192.312.50

Interest2,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,00024,000153.852.00

Land Rent2,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,00022,000141.031.83

Machinery Rent1111111111111111111111111320.850.01

Repairs2,0122,01212.900.17


Utilities1,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,20014,40092.311.20

Misc.1,6401,6401,6401,6401,6401,6401,6401,6401,6401,6401,6401,64019,680126.151.64


NET MARGIN (TI-VC-FC)(15,086)(13,063)(13,118)(13,113)(13,008)(11,303)(10,016)(13,106)(12,986)(12,758)(12,986)(12,898)(153,441)(983.60)(12.79)

NET MARGIN %-492.0%-424.5%-434.1%-433.2%-415.3%-233.7%-330.1%-432.0%-411.7%-377.2%-411.7%-397.8%-391.8%(0.03)

0.0

Total Funds Available (NM+Int)(13,086)(11,063)(11,118)(11,113)(11,008)(9,303)(8,016)(11,106)(10,986)(10,758)(10,986)(10,898)(129,441)(829.75)(10.79)

0.0


0.0



Capital Payment1111111111111111111111111320.850.01

Other Payments1111111111111111111111111320.850.01

Dealer Payments4,1304,1304,1304,1304,1304,1304,1304,1304,1304,1304,1304,13049,560317.694.13

FSA Mortgages (3)86786786786786786786786786786786786710,40466.690.87

FPFC Mortgage (1)1,0561,0561,0561,0561,0561,0561,0561,0561,0561,0561,0561,05612,67281.231.06


0.0


Operations Cash Surplus/Deficit(21,272)(19,249)(19,304)(19,299)(19,194)(17,489)(16,202)(19,292)(19,172)(18,944)(19,172)(19,084)(227,673)(1,459.44)(18.97)


FarmStart Funds50,0000.00.00.00.00.00.00.00.00.00.00.050,000320.514.17


Money Borrowed0.00.00.00.00.00.01,0001,0001,0001,0001,0001,0006,00038.460.50

Capital Sales0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0




0.0

Monthly Cash Flow28,928(19,049)(19,104)(19,099)(18,994)(17,289)(15,202)(18,292)(18,172)(17,944)(18,172)(18,084)(170,473)(1,092.78)(14.21)

0.0

Beginning Cash/Checking Balance1,00029,92810,879(8,225)(27,324)(46,318)(63,607)(78,809)(97,101)(115,273)(133,217)(151,389)(169,473)(1,086.37)(14.12)

Ending Cash/Checking Balance29,92810,879(8,225)(27,324)(46,318)(63,607)(78,809)(97,101)(115,273)(133,217)(151,389)(169,473)0.00.0

Cumulative Cash Flow29,92810,879(8,225)(27,324)(46,318)(63,607)(78,809)(97,101)(115,273)(133,217)(151,389)(169,473)(169,473)(1,086.37)(14.12)


LEHRJ:

Actual Spreadsheet


"Worksheet Label"


JanFebMarAprMayJunJulAugSepOctNovDecTOTALPer Widget

Average Total Widgets100100

Total Widget Yield3333

Average Price per Unit2.000.17

FARM INCOME



Widget Sales2,0002,00060.61

Other1001003.03

Other1001003.03

Other1001003.03

Other2222226.73

Total Income(TI)3,0880.00.00.00.00.00.00.00.00.00.00.03,08893.58

0.0

FARM EXPENSE0.0

Labor1,0001,00030.30


Insurance2222226.73


Other12120.36

Total Labor1,4680.00.00.00.00.00.00.00.00.00.00.01,46844.48

0.0


Other11110.33

Total Marketing2,2110.00.00.00.00.00.00.00.00.00.00.02,21167.00

0.0




Other Widget Variable Cost1,8771,87756.88

Total Other1,9100.00.00.00.00.00.00.00.00.00.00.01,91057.88

0.0

Total Variable Costs (VC)5,5890.00.00.00.00.00.00.00.00.00.00.05,589169.36

GROSS MARGIN (TI-VC)(2,501)0.00.00.00.00.00.00.00.00.00.00.0(2,501)(75.79)

GROSS MARGIN %-81.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.00.0

0.0

Insurance2,5002,50075.76

Interest2,0002,00060.61

Land Rent2,0002,00060.61


Repairs2,0122,01260.97


Utilities1,2001,20036.36

Misc.1,6401,64049.70


NET MARGIN (TI-VC-FC)(15,064)0.00.00.00.00.00.00.00.00.00.00.0(15,064)(456.48)

NET MARGIN %-487.8%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.00.0

0.0

Total Funds Available (NM+Int)(13,064)0.00.00.00.00.00.00.00.00.00.00.0(13,064)(395.88)

0.0


0.0






FSA Mortgages (3)86786726.27

FPFC Mortgage (1)1,0561,05632.00


0.0


0.0

Operations Cash Surplus/Deficit(21,250)(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)(2,000)(43,250)(1,310.61)

0.0


FarmStart Funds50,00050,0001,515.15






Net Cash from Other Sources/Uses51,2000.00.00.00.00.00.00.00.00.00.00.051,2001,551.52

0.0


0.0


Ending Cash/Checking Balance30,95028,95026,95024,95022,95020,95018,95016,95014,95012,95010,9508,9500.0



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Instructions







5Good luck!


Budget Spreadsheet

Crop ExampleBudget Cash Flow Spreadsheet for Year

"Worksheet Label"


JanFebMarAprMayJunJulAugSepOctNovDecTOTALper tonPer ACRE


0.00.00.00.00.00.00.00.00.04,0000.00.04,000


FARM INCOME

Crop Sales0.00.00.00.00.00.00.00.00.0360,0000.00.0360,00090.00360.00

Crop Sales5005005005005005005005005005005005006,0001.506.00

Crop Sales2,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,00024,0006.0024.00

Crop Sales1001001001001001001001001001001001001,2000.301.20

Crop Sales1001001001001001001001001001001001001,2000.301.20

Other1001001001001001001001001001001001001,2000.301.20

Other2222222222222222222222222222222222222,6640.672.66

Total Income(TI)3,0223,0223,0223,0223,0223,0223,0223,0223,022363,0223,0223,022396,26499.07396.26

FARM EXPENSE

Labor1,0001,0001,0001,0001,0001,0001001,0001,0001,0001,0001,00011,1002.7811.10

Payroll taxes2222222222222222222222222222222222222,6640.672.66

Insurance2222222222222222222222222222222222222,6640.672.66

Employee Other1212121212121212121212121440.040.14

Other1212121212121212121212121440.040.14

Total Labor1,4681,4681,4681,4681,4681,4685681,4681,4681,4681,4681,46816,7164.1816.72

0.0

Marketing Cost2,2002,2002,2002,2002,2002,200102,2002,2002,2002,2002,20024,2106.0524.21

Other1111111111111111111111111320.030.13

Total Marketing2,2112,2112,2112,2112,2112,211212,2112,2112,2112,2112,21124,3426.0924.34

0.0

Seed1111111111111111111111111320.030.13


Custom Hire1111111111111111111111111320.030.13

Fuel1,8771,8771,8771,8771,8771,8771,8771,8771,8771,8771,8771,87722,5245.6322.52

Total Crop1,9101,9101,9101,9101,9101,9101,9101,9101,9101,9101,9101,91022,9205.7322.92

0.0


GROSS MARGIN (TI-VC)(2,567)(2,567)(2,567)(2,567)(2,567)(2,567)523(2,567)(2,567)357,433(2,567)(2,567)332,28683.07332.29

GROSS MARGIN %-84.9%-84.9%-84.9%-84.9%-84.9%-84.9%17.3%-84.9%-84.9%98.5%-84.9%-84.9%83.9%

Insurance2,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,50030,0007.5030.00

Interest2,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,00024,0006.0024.00

Land Rent2,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,00022,0005.5022.00

Machinery Rent1111111111111111111111111320.030.13

Repairs2,0121,0001,0000.251.00


Utilities1,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,20014,4003.6014.40

Misc.1,6401,6401,6401,6401,6401,6401,6401,6401,6401,6401,6401,64019,6804.9219.68


NET MARGIN (TI-VC-FC)(15,130)(13,118)(13,118)(13,118)(13,118)(13,118)(11,028)(13,118)(13,118)346,882(13,118)(13,118)202,66250.67202.66

NET MARGIN %-500.7%-434.1%-434.1%-434.1%-434.1%-434.1%-364.9%-434.1%-434.1%95.6%-434.1%-434.1%51.1%0.00

0.0

Total Funds Available (NM+Int)(13,130)(11,118)(11,118)(11,118)(11,118)(11,118)(9,028)(11,118)(11,118)348,882(11,118)(11,118)226,66256.67226.66

0.0


0.0



Capital Payment1111111111111111111111111320.030.13

Other Payments1111111111111111111111111320.030.13

Dealer Payments4,1304,1304,1304,1304,1304,1304,1304,1304,1304,1304,1304,13049,56012.3949.56

FSA Mortgages86786786786786786786786786786786786710,4042.6010.40

FPFC Mortgage1,0561,0561,0561,0561,0561,0561,0561,0561,0561,0561,0561,05612,6723.1712.67


0.0


0.0

Operations Cash Surplus/Deficit(21,316)(19,304)(19,304)(19,304)(19,304)(19,304)(17,214)(19,304)(19,304)340,696(19,304)(19,304)128,43032.11128.43

0.0


FarmStart Funds50,0000.00.00.00.00.00.00.00.00.00.00.050,00012.5050.00


Money Borrowed0.00.00.00.00.00.01,0001,0001,0001,0001,0001,0006,0001.506.00

Capital Sales0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0




0.0

Monthly Cash Flow28,884(19,104)(19,104)(19,104)(19,104)(19,104)(16,214)(18,304)(18,304)341,696(18,304)(18,304)185,63046.41185.63

0.0

Beginning Cash/Checking Balance1,00029,88410,780(8,324)(27,428)(46,532)(65,636)(81,850)(100,154)(118,458)223,238204,934186,63046.66186.63

Ending Cash/Checking Balance29,88410,780(8,324)(27,428)(46,532)(65,636)(81,850)(100,154)(118,458)223,238204,934186,6300.00.0

Cumulative Cash Flow29,88410,780(8,324)(27,428)(46,532)(65,636)(81,850)(100,154)(118,458)223,238204,934186,630186,63046.66186.63

0.0

0.0


Actual Spreadsheet


"Worksheet Label"


JanFebMarAprMayJunJulAugSepOctNovDecTOTALper ton


0.00.00.00.00.00.00.00.00.04,0000.00.04,000


FARM INCOME

Crop Sales0.00.00.00.00.00.00.00.00.0360,0000.00.0360,00090.00

Crop Sales5005005005005005005005005005005005006,000$1.50

Crop Sales2,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,00024,0006.00

Crop Sales1001001001001001001001001001001001001,2000.30

Crop Sales1001001001001001001001001001001001001,2000.30

Other1001001001001001001001001001001001001,2000.30

Other2222222222222222222222222222222222222,6640.67

Total Income(TI)3,0223,0223,0223,0223,0223,0223,0223,0223,022363,0223,0223,022396,26499.07

FARM EXPENSE

Labor1,0001,0001,0001,0001,0001,0001001,0001,0001,0001,0001,00011,1002.78

Payroll taxes2222222222222222222222222222222222222,6640.67

Insurance2222222222222222222222222222222222222,6640.67

Employee Other1212121212121212121212121440.04

Other1212121212121212121212121440.04

Total Labor1,4681,4681,4681,4681,4681,4685681,4681,4681,4681,4681,46816,7164.18

0.0

0.0

Marketing Cost2,2002,2002,2002,2002,2002,200102,2002,2002,2002,2002,20024,2106.05

Other1111111111111111111111111320.03

Total Marketing2,2112,2112,2112,2112,2112,211212,2112,2112,2112,2112,21124,3426.09

0.0

Seed1111111111111111111111111320.03


Custom Hire1111111111111111111111111320.03

Fuel1,8771,8771,8771,8771,8771,8771,8771,8771,8771,8771,8771,87722,5245.63

Total Crop1,9101,9101,9101,9101,9101,9101,9101,9101,9101,9101,9101,91022,9205.73

0.0

Total Variable Costs (VC)5,5895,5895,5895,5895,5895,5892,4995,5895,5895,5895,5895,58963,97815.99

GROSS MARGIN (TI-VC)(2,567)(2,567)(2,567)(2,567)(2,567)(2,567)523(2,567)(2,567)357,433(2,567)(2,567)332,28683.07

GROSS MARGIN %-84.9%-84.9%-84.9%-84.9%-84.9%-84.9%17.3%-84.9%-84.9%98.5%-84.9%-84.9%83.9%0.00

0.0

Insurance2,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5

Documents

Putting a Farm Business Plan Together