Transcription of Understanding budgets and the budgeting process
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Understanding budgets and the budgeting process
ALTERNATIVE AGRICULTURAL ENTERPRISES PRODUCTION, MANAGEMENT & MARKETINGC ooperative Extension System z Agricultural Experiment Station z CIS 945 Understanding budgetsand the budgeting processR. L. SmathersAs a business owner, the primary problem you face isa limited supply of resources land, labor, andcapital available to accomplish your goals. Allocatingthese scarce resources entails making many decisions might include: What should I growthis year? How much fertilizer should I apply?Should I replace my worn-out tractor? Should Iexpand by purchasing or renting additional land? Theanswers to these questions could influence theprofitability of your operation for years to of the scope of the issue being considered,you must sit down with pencil and paper and analyzethe question. budgeting does just that; budgetingcoordinates resources, production, and is implementing a business on paper before anyresources are committed to production; it helps youpredict the consequences of an adjustment in youroperation before ever making the adjustment.
Enterprise budget The last budget, the enterprise budget, is an estima-tion of all revenues and expenses for a farm or ranch enterprise during one cycle of production.
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