Published on Thu, 03/09/2017 by BASF Canada

Web-based tool keeps a team of experts at your fingertips

Being able to access all your farm data with a touch or a swipe allows you to take advantage of opportunities quickly and easily.

Using a web-based farm management tool is like having a whole team of experts working for you. Such tools can save you time and money and achieve the best results. Whether you are meeting with your agronomist, your banker, your seed dealer or contemplating a bid at a farm auction, having all the details of your business at your fingertips is a big advantage. A comprehensive understanding of all aspects of your farm allows you to determine your next move, based on knowledge.

Create a strategy

Advancements in technology are reducing the time and effort needed come tax time. Knowing all your information, from storage quantities to sales and costs, you can be confident come year-end. And that’s only part of the story. Having the information on every acre of your farm and operation will make the most of your decisions this season and into
the future. Growers need to know past performance, soil reports, current market analysis, forecasts for profit scenarios, budget, anticipated revenues and profits. Making sense of all this information and putting it into a plan is made easier with simplified solutions.

“Planning for the future of today’s farm is extremely complex,” said Laura Taylor, a Business Solutions Consultant with Affinity Management Ltd. “Increased land values and multi-generation succession planning mean growers need to pay more attention to enhancing opportunities that support their bottom line, while also looking for opportunities for growth.”
Depending on the stage of your business, you may be looking at growth through acquiring more land or making an offer through a real estate representative. Knowing where your farm stands becomes even more important when making those decisions.

How do I sharpen my pencil for making informed decisions?

Agriculture is complicated and fast-paced; growers often have to make quick decisions. Successfully taking advantage of opportunities that arise depends on basing decisions on solid information. For example, what kind of financial information do you need to buy or rent land, or heavy equipment?

In this regard, a farm data management system, like Compass Grower Advanced, is a valuable tool. Created by BASF in conjunction with Affinity Management Ltd., Compass Grower Advanced is a web-based, all-in-one, mobile farm data management system.

Before using Compass Grower Advanced, Jason Boersma found it difficult to bring together his budgets and farm data. “We really like Compass because it lets us play around with numbers and applications ahead of time, in the winter months, while we’re off,” said the Ridgetown, Ontario grower. “We can map out budgets and different scenarios, and see where our finances are at before making decisions.”

“We designed Compass Grower Advanced to support growers with an easy-to-use, fully integrated financial platform that allows for profit scenario planning and strategies,” said Taylor.

How can a web-based tool help you?

Having a financial plan and information all in one place puts growers in good stead when they meet with lenders, accountants or other financial service providers. Plus, by developing a financial plan and scenarios—base case, high case and low case—and monitoring detailed financial reports and performance, growers can generate annual budgets, ROI and break-even analysis by crop, field and for the entire farm.

Compass Grower Advanced provides you with ongoing one-to-one support from start to finish. Your own team of experts are right there with you, throughout the entire crop season, every acre of the way—at your fingertips.

 

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