Enterprise budgets. Alice Topaloff ISU Extension and Outreach Local Foods
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1 Enterprise budgets Alice Topaloff ISU Extension and Outreach Local Foods
2 Enterprise budgets + Balance sheets Budgeting Estimate financial needs and feasibility Monitor economic efficiency Is this sustainable?
3 Enterprise budgets Estimate of costs and returns to produce a product. For producers who grow a large number of products: develop budgets for the products that contribute most to your business goals. 80/20 rule
4 Simplified Enterprise Budgets 1. Revenue 2. Costs Profit margin
5 Green Beans (4x100 ft bed) Revenue: 120 $3.00/lb $ Crop inputs Seed, fertilizer, etc. $21.35 Labor $10/hour $ Supplies plastic bags, ties, etc. $3.60 Ownership machinery, land, irrigation $10.57 Total production cost $ Profit margin (%) $ %
6 Enterprise budgets 1. Revenue Generated by your product 2. Variable costs What it costs to produce the product. 3. Fixed costs Seeds Fertilizer Trays Labor Resource ownership what it costs whether you produce produce the product or not. Machinery Land Irrigation
7 Green Beans (4x100 ft. bed) Quantity Unit $/Unit Total Receipts Bean sales 120 lbs 3 $360 Total receipts $360 Planting year costs Supplies - Cover crop seeds - Seed - Fertilization - Other Labor costs - Cover crop - Bed preparation - Fertilizer spreading - Planting - Irrigation set up - Weeding - Other Interest on preplant costs (3.5%) $ lbs lbs lbs lbs Hrs Hrs Hrs Hrs Hrs Hrs Hrs Total pre-harvest costs $50.56 Harvest Bags Labor - Harvesting labor - Packaging - Other Bags Hrs Hrs Hrs Total harvest costs $ Total variable costs Per bed $
8 Green Beans (4x100 ft. bed) Receipts Bean sales Quantity Unit $/Unit Total 120 lbs 3 $360 Total receipts $360 Total pre-harvest costs $50.56 Total harvest costs $ Total variable costs Per bed Per lb Ownership costs (annual) - Irrigation system - Machinery - Land 1.84 $ $1.74 Total fixed costs $ Total costs Per bed Per lb $ $1.83
9 Annual returns How much $$ is generated from an enterprise: Return on variable costs Return on total costs
10 Green Beans (4x100 ft. bed) Receipts Bean sales Quantity Unit $/Unit Total 120 lbs 3 $360 Total receipts $360 Total pre-harvest costs $50.56 Total harvest costs $ Total variable costs Per bed Per lb Ownership costs (annual) - Irrigation system - Machinery - Land $ $1.74 Total fixed costs $ Total costs Per bed Per lb Annual returns over variable costs Annual returns over total costs $ $1.83 $ $140.27
11 Setting the right prices Calculate break-even prices and yields. Example: beans $1.83 ($220/120 lbs). Compare this number to other producers or published budgets to determine where costs are different and why.
12 Pricing Margin goal: 25% Break-even cost is $1.83 per lb. What is your sales price? $2.3 per lb. Will your consumers and competition allow this price? If not, what price will they allow and what is your profit margin at that price? If you can t get to where you want, what do you do?
13 Reducing costs Green bean example What is the most expensive? $180 (or 82%) is labor - weeding and harvesting. Can labor be more efficient? What about crop inputs (10% of production cost): how much would we save by reducing these costs by 10%?
14 ISU Extension and Outreach - Ag Decision Maker adgm
15
16 Organic oats and alfalfa Rotation: Corn/Soybeans/Oats+AA/AA Year 1 Oats seeded with alfalfa Harvest both Year 2 No planting cost Harvest AA Half of establishment costs Receipts in Y1 for oats (straw and grain) + receipts for AA (hay) Half of establishment costs Receipts in Y2 for AA (hay)
17 Now that you are professional enterprise budgeters Annual balance sheets
18 Balance sheet Assets Current Assets Cash 15,000 Prepaid expenses 10,000 Accounts receivable 1,000 Supplies 6,000 Int/Long Term Assets Machinery/equip 83,000 Real estate 140,000 Buildings/improve 35,000 Total Assets $290,000 Liabilities Current Liabilities Operating loan 10,000 Accounts payable 2,000 Current debt 12,000 Int/Long Term Liabilities Mach/equip loans 70,000 Real estate loans 82,000 Total liabilities 176,000 Net worth 114,000
19 Balance sheet How much of your farm do you owe? Total liabilities is $176,000 How much of your farm do you own? Net worth of $114,000
20 Balance sheet Liquidity Ability of the business to meet its current (short term) liabilities with current assets Solvency Ability of the business to pay off all of its debts if it were to be sold tomorrow
21 Balance sheet Liquidity ratio ( current ratio ) Current assets divided by current liabilities. Goal: At least 1.1, preferably 1.7 or more Solvency ratio ( debt to asset ratio ) Total liabilities divided by total assets Goal: Less than 60%, preferably less than 30%
22 Agroforestry budgeting particularities Different production cycles Different production systems Irregular sources of cost and revenue
23 Thank you!
Employee Liability Insurance $/$1,000 wages $ Employee Benefits percent/wages 18.00% Labor Downtime percent 25.00%
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