Setting Targets from GrainBridge, LLC on Vimeo.
A fundamental component of any comprehensive crop plan is tracking your business's expenses and additional incomes throughout the year, while also setting some profit goals for yourself.
GrainBridge breaks your expenses into two main categories- per acre and gross.
Per acre expenses that producer's generally think of on a per acre basis such as seed, fertilizer, irrigation, and many others.
Gross expenses are those that producers generally consider as a whole cost, such as living expenses, equipment costs, and repairs.
Equally important to recording all expenses is accounting for any outside forms of incomes that help subsidize your operation. These additional incomes help offset your expenses and are therefore a key part of the target planning process.
Finally, a successful producer should set profit goals for how much they aim to make per acre.
The profit goals you create are used by GrainBridge to establish a target price to mark your operation's performance against.
See Setting a Target Price for more information on how GrainBridge generates a target price for you or how to manually set one.