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The story of Canadian agriculture in 2020 isn’t how farmers were affected by weather, markets and the pandemic. According to Ryan Riese, the real story is how the industry and individual farmers rolled with the punches. He’s impressed, but not surprised.
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Despite everything they faced, the feeling among Canadian farmers was fairly positive by harvest, keeping in mind some sectors have had a very tough year, many were able to react and adjust, and I’d argue our farmers are among the best of any industry at that.
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- Ryan Riese,
National Director, Agriculture Strategy, RBC.
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Even though many farms faced challenging conditions, the next concern is what’s waiting in 2021. To build resilience in both finance and mindset, Riese invites farmers to spend time with their business plans this winter.
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Take stock of your current position but just as important, think ahead.
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“Financial statements are integral, but keep in mind they look backwards,” says Riese. “There’s a lot to be gained by getting a tight grip on your cost of production, and all the fixed and variable costs that go into it. From there, look at your cash flow plan for the year to come.”
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It’s said that a person travels faster alone, but goes farther with others. As Riese sees it, a trusted group of advisors is all the more valuable in uncertain times.
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“Whether it’s your RBC account manager, your accountant or a group of peers, the more information and perspectives you have, the more confident your decision-making will be. That’s one definition of resilience.”
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