# 48 - Financially Literate or Flying Blind...Which One Are You?

from Profitable Farmer · host Farm Owners Academy

I was chatting to a farmer the other day, who in conversation made 3 bold and cocky statements… saying them as if he had some badge of honour: “I don’t have time for office work”, “I have no interest in the numbers… I leave that to the missus”, and “It’s all another language to me… I leave it to the pen-pushers”. At the same time, he was commenting about how chaotic their life was… and how he… “makes decisions based on instinct & gut-feel rather than on analysis & ‘number-crunching…’”. I didn’t say it… perhaps I should have… but all I was thinking was “what a bloody peanut”. If you are serious about business and dedicated to being the absolute best farm owner you can be, then being financially illiterate is a sure way to NEVER get there. NOW MORE THAN EVER FARMING IS A BUSINESS. CEO’s of ALL successful companies study financial management constantly. Intense analysis, feasibility studies, financial performance monitoring, decision-modelling, forecasting and benchmarking is one of the largest and most important activities they do. Successful farm owners are across their numbers AND dedicate time in the office to analysing their performance AND making numbers-based performance decisions. Like it or not, and as Greg points out, "the language of business is finance". In this important podcast, I interview Farm Owners Academy co-founder, long-time financial analyst and farm financial specialist, Greg Johnsson. We explore the critical reports you have to establish then proactively monitor, AND we explore the core ratios you must measure and benchmark in order to be in control and making meaningful, measured and robust decisions on your farm. In this webinar, I do not apologise for making an unashamed plug for our new financial literacy training program being launched right now by Farm Owners Academy. It is called the Farm Financial Framework and it commences on 3rd July as a live online in-depth training initiative. To learn more, CLICK HERE. If you are serious about profit and creating wealth and, then this is an essential training program I urge you to prioritise. It’s time to get serious! Sincerely, Jeremy

What this episode covers

I was chatting to a farmer the other day, who in conversation made 3 bold and cocky statements… saying them as if he had some badge of honour: “I don’t have time for office work”, “I have no interest in the numbers… I leave that to the missus”, and “It’s all another language to me… I leave it to the pen-pushers”. At the same time, he was commenting about how chaotic their life was… and how he… “makes decisions based on instinct & gut-feel rather than on analysis & ‘number-crunching…’”. I didn’t say it… perhaps I should have… but all I was thinking was “what a bloody peanut”.If you are serious about business and dedicated to being the absolute best farm owner you can be, then being financially illiterate is a sure way to NEVER get there. NOW MORE THAN EVER FARMING IS A BUSINESS. CEO’s of ALL successful companies study financial management constantly. Intense analysis, feasibility studies, financial performance monitoring, decision-modelling, forecasting and benchmarking is one of the largest and most important activities they do. Successful farm owners are across their numbers AND dedicate time in the office to analysing their performance AND making numbers-based performance decisions. Like it or not, and as Greg points out, "the language of business is finance". In this important podcast, I interview Farm Owners Academy co-founder, long-time financial analyst and farm financial specialist, Greg Johnsson. We explore the critical reports you have to establish then proactively monitor, AND we explore the core ratios you must measure and benchmark in order to be in control and making meaningful, measured and robust decisions on your farm. In this webinar, I do not apologise for making an unashamed plug for our new financial literacy training program being launched right now by Farm Owners Academy. It is called the Farm Financial Framework and it commences on 3rd July as a live online in-depth training initiative. To learn more, CLICK HERE. If you are serious about profit and creating wealth and, then this is an essential training program I urge you to prioritise.It’s time to get serious!Sincerely, Jeremy