Farm Business Management and Benchmarking: Kansas, Illinois, and Kentucky Collaboration

(KFBM) Program’s record management system to reflect best record keeping practices, making financial ratios definitions consistent with the recommendations by the Farm Financial Standards Council, developing benchmarks for financial performance based on KFBM farm records and farm records from the Census of Agriculture, and developing new benchmarking summaries for farmers to access aggregate farm financial ratios and economic management analysis. This proposal addresses objectives three objectives: 1) Advance data gathering and conduct research on cost of production, farm profitability factors, and farm policy, 2) Improve the profitability and competitiveness of small and medium-sized farms and ranches by providing access to high quality, uniform farm business management benchmarking information, and 3) Improve producers’ abilities to successfully manage their agricultural operations through periods of high risk, volatility, and financial stress.