You might have farm management under control, but do you struggle with managing the financial side of your farming business? In this episode, were are joined by Professor Adri Drotskie, director of the School of Management in the College of Business and Economics at the University of Johannesburg, who shares her farm financial management tips.
Drotskie acknowledges that financial management for your farm might be challenging, but it is quite doable.
In the podcast episode she advises farmers to have a personal budget to avoid spending all their money on the farm.
“Farmers must make a living and maintain personal financial independence,” she says.
She emphasises the need of being up to date on the latest developments in politics, the economy, the environment, and other urgent concerns facing the country.
Another way in which farmers can stay on top of their finances, is by planning. Drotskie notes the importance of starting out small and supplying local markets.
She also talks extensively about regularly conducting market research, looking at factors including the state of the economy, and the kind of goods in demand in the area that the farmer operates.
The episode also features #SoilSista Nthabeleng Maphepha, who discovered her love for agriculture after graduating from her studies in psychology.
She is among the women selected for Corteva Women Agripreneur 2022, a year-long blended development programme at the Gordon Institute of Business Science (GIBS) Entrepreneurship Development Academy (EDA).
Want to know more? Listen to the full episode of Farmer’s Inside Track.
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