Why you need to budget
A budget is an estimate of revenue and expenses over a specified future period and is compiled and re-evaluated regularly. It is a vital tool for any business, including a farming operation, as it enables management to take full financial and economic control. A budget thus underpins the liquidity and solvency of the business.
A DIFFICULT YET NECESSARY EXERCISE
If you are like many farmers, you may find that budgeting is a challenging process, especially with decreasing profit margins, increasing input costs and South Africa’s currently constrained economy. But
