As a Saskatchewan farmer you already know what work lies ahead this spring but, as the agricultural landscape changes so does the way you do business. The ag industry can be unpredictable and as technology changes so do the ways you seed, irrigate, and harvest your crops. Technology is making it easier to do business than ever before but, having the essentials to keep up with these changes can add up quickly. This might mean some tough decisions ahead – here’s a few things to keep in mind as you look to what’s to come in 2018:
Growing your Business
Expanding your business comes with a host of challenges, both financially and logistically. You may be at the point where you’re ready to produce different yields, venture into the livestock market, or have thought of an innovative idea to help others in your industry. Ensuring you have the resources to make those dreams a reality are vital to your success. Whether your plans include a line of credit, a loan, or a savings plan, make sure you understand all the products available to you and how they fit with your long term goals.
Planning for the Future
What are your plans for the future? Whether you’re getting ready to expand your farming operations or looking to retire soon, it helps to have a plan in place. Ask yourself if you know the answer to some of these questions:
• How will the proposed changes to small business taxes affect my long term goals?
• How much money do I need to purchase the new land or equipment I need to expand my business?
• Where and what does expansion look like for my business? Am I adding to what I already offer, exploring new products, or looking to buy-out a competitor?
• Am I saving enough to ensure I can retire when I want to?
• What kind of tax implications do I incur if I sell or gift my land, equipment, or home?
If you don’t know the answer to one or more of these questions it may be a good idea to sit down with a professional such as an accountant, tax specialist, or financial planner that can help you map out what you need to do to make your goals a reality.
If you’re not ready to sit down with someone but, want to get more information on a specific topic check out our complimentary business training sessions. Through a partnership with MNP, Conexus offers extensive business courses you can access from the comfort of your own home.” But, the best part? This service is completely free. From tax planning to agricultural risk management and succession planning the Conexus Business Accelerator courses are tailored to your needs now and in the future. Visit us www.conexus.ca/business for more information.
Regardless of where you’re at it is always important to take a moment and make sure you have your bases covered. At Conexus, ag business is our business – our experts are available where and when you need it most to turn your dreams of today into a reality for tomorrow.
About Conexus Credit Union
Conexus is a forward-thinking credit union committed to our members and their financial well-being. Providing ease, access and value is key to our technological advances and services we bring to market for our members. We know banking is no longer a place you go, but a thing you do. Located across Saskatchewan, we are Canada’s sixth largest credit union. As a credit union, our profits are returned to our members through our rates, high value to ratio loans, and more. Consider banking with Conexus Credit Union today. Visit www.conexus.ca/business for more information.
