Capturing the Upside & Buffering The Downside Webinar November 30, 2015
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1 Capturing the Upside & Buffering The Downside Webinar November 30, 2015
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3 Key Financial Vulnerabilities 1. Working Capital (Working Capital = current assets minus current liabilities) First line of defense against financial stress Goal 30% of gross revenue Burn rate Could be $100/acre or more in 2016
4 Key Financial Vulnerabilities 2. Tight Repayment Capacity Short repayment schedules Equipment and land loans Reduced income and cash flow Chicago FRB Loan Repayment Index
5 180 Loan Repayment Index, FRB of Chicago Year and Quarter
6 Key Financial Vulnerabilities 3. Solvency Debt Load Generally still strong Weakening for highly leveraged Few defaults or bankruptcies
7 How Do I Respond?
8 The Fundamental Premise Be Best In Class!
9 Elements of Best in Class 1. Do Fewer Things Better What is your hedge hog? What you do better than anyone else? Focus and intensify
10 Elements of Best in Class 2. Control Costs Intensely Efficiency/productivity is critical Know your cost components per unit sold
11 Elements of Best in Class 3. Manage Margins Know your margins Contribution margin: revenue above operating costs Profit margin : revenue above all costs Protect positive margins
12 Elements of Best in Class 4. Execute on the Plan Use SOP s (standard operating procedures) Timely operations Details, details, details
13 Elements of Best in Class 5. Buy Inputs Correctly Procurement mentality Use a Specification Sheet Sets your cost structure Compare supplier offers Be careful about paying premiums for asset control Consider repairing rather than replacing
14 Specification Sheet Farm Name: Agribusiness Name: Address: Phone Number: Date: 1. Product Performance: 2. Price: 3. Quantity or Volume Discount:
15 4. Delivery Time and Conditions: 5. Local Contact: 6. Application Services: 7. Financing Terms: 8. Warranty:
16 9. Technical Documentation: 10. Complaint Response Time: 11. Technical Support: 12. Information Services:
17 Elements of Best in Class 6. Plan the Logistics Machinery scheduling Input flow scheduling Product flow scheduling 24/7 operations when possible
18 Elements of Best in Class 7. Minimize Operating Risk Technology performance Pest control Fertility effectiveness/loss Seed selection Marketing and pricing of inputs and products Government program and crop insurance participation Casualty and liability insurance
19 Elements of Best in Class 8. Assess Capital Needs and Manage Debt Consider leasing assets Use your lenders expertise Keep your lender informed Lengthen payment terms Fix interest rates Reduce capital expenditures
20 Best In Class Is Not New Return to the basics Dust off the old playbook
21 How Do We Win in Tough Times? Resiliency absorptive capacity protect your position defense Agility capture the upside offense
22 The Bottom Line You cannot accurately predict the future, so position for the challenges and opportunities
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24 Join Us for our next Webinar on December 18, 2015 Making Long-Term Cash Rent Decisions Using the Cash Rent Decision Tool Capturing the Upside & Buffering The Downside Webinar November 30, 2015
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