Beef farm business summary helps calculate cost of production

Cornell Cooperative Extension’s SWNY Dairy, Livestock and Field Crops Program is working with area farms through the extension’s Beef Farm Business Summary program.

Katelyn Walley-Stoll, Cornell Cooperative Extension farm business management specialist, helps farms collect and analyze the farm’s financial information, including cattle inventories, sales revenues and farm-related expenses. Specialists across the state work with farms one-on-one to determine what information is needed to complete the analysis. The analysis provides the farm an opportunity to look at different areas of production, develop plans to increase profitability or weather times of financial instability, and monitor the success of their market sales and production methods.

One important aspect of financial analysis is calculating a farm’s cost of production. This is the measure of what it costs to produce a unit of product.

“Knowing your cost of production and maintaining accurate farm financial records is the first step towards building a profitable farm business,” Walley-Stoll said. “While farming is a lifestyle and a passion, it also needs to make sense financially to stay sustainable. I’m proud to be a part of Cornell Cooperative Extension’s efforts to assist our region’s livestock producers with their financial and business management.”

Beef producers in Allegany, Cattaraugus, Chautauqua, Erie, and Steuben Counties can contact Katelyn Walley-Stoll for more information about the program by calling 640-0522 or emailing kaw249@cornell.edu.

Cornell Cooperative Extension’s Southwest New York Dairy, Livestock, and Field Crops Program specialists include Walley-Stoll, Joshua Putman, field crops, 490-5572 or jap472@cornell.edu; Alycia Drwencke, dairy management, 517-416-0386, or amd453@cornell.edu); and Amy Barkley, livestock management, 640-0844 or amb544@cornell.edu. While specialists are working remotely at this time, they are still offering consultations via phone, text, email, videoconferencing, and mail along with socially distanced site visits. They are also providing weekly updates with timely resources and connections via email and hardcopy and virtual programming.


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