{"id":2817,"date":"2023-03-08T16:41:35","date_gmt":"2023-03-08T22:41:35","guid":{"rendered":"https:\/\/agrilife.org\/agecon\/?p=2817"},"modified":"2023-03-08T16:41:35","modified_gmt":"2023-03-08T22:41:35","slug":"high-plains-ag-week-3-8-2023-key-financial-ratios-to-watch-in-2023","status":"publish","type":"post","link":"https:\/\/agrilife.org\/agecon\/high-plains-ag-week-3-8-2023-key-financial-ratios-to-watch-in-2023\/","title":{"rendered":"High Plains Ag Week \u2013 3\/8\/2023 \u2013 Key Financial Ratios to Watch in 2023"},"content":{"rendered":"<p style=\"text-align: left;\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2821 alignleft\" src=\"https:\/\/agrilife.org\/agecon\/files\/2023\/03\/Untitled-design-1-1.png\" alt=\"\" width=\"271\" height=\"227\" srcset=\"https:\/\/agrilife.org\/agecon\/files\/2023\/03\/Untitled-design-1-1.png 940w, https:\/\/agrilife.org\/agecon\/files\/2023\/03\/Untitled-design-1-1-768x644.png 768w\" sizes=\"auto, (max-width: 271px) 100vw, 271px\" \/>Inputs costs are expected to stay high in 2023, and <a href=\"https:\/\/www.nytimes.com\/2023\/03\/07\/business\/economy\/fed-powell-interest-rates.html\">the Federal Reserve has indicated that it intends to continue raising interest rates<\/a> as it attempts to bring inflation under control.\u00a0 So how can you maintain the financial health of your operation in the current economic climate?\u00a0 One tool to consider is financial ratio analysis.<\/p>\n<p><!--more--><\/p>\n<h3><\/h3>\n<h3><span style=\"color: #000000;\"><strong>Board Update 3\/6\/2023<\/strong><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2818 aligncenter\" src=\"https:\/\/agrilife.org\/agecon\/files\/2023\/03\/3.8.23.png\" alt=\"\" width=\"1570\" height=\"346\" srcset=\"https:\/\/agrilife.org\/agecon\/files\/2023\/03\/3.8.23.png 1570w, https:\/\/agrilife.org\/agecon\/files\/2023\/03\/3.8.23-1024x226.png 1024w, https:\/\/agrilife.org\/agecon\/files\/2023\/03\/3.8.23-768x169.png 768w, https:\/\/agrilife.org\/agecon\/files\/2023\/03\/3.8.23-1536x339.png 1536w\" sizes=\"auto, (max-width: 1570px) 100vw, 1570px\" \/><\/p>\n<h3><strong>Tulia, Amarillo, Dalhart Average &#8211; Cattle Prices by Category 3\/2\/2023<\/strong><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2819 aligncenter\" src=\"https:\/\/agrilife.org\/agecon\/files\/2023\/03\/3.8.23-2.png\" alt=\"\" width=\"1338\" height=\"900\" srcset=\"https:\/\/agrilife.org\/agecon\/files\/2023\/03\/3.8.23-2.png 1338w, https:\/\/agrilife.org\/agecon\/files\/2023\/03\/3.8.23-2-1024x689.png 1024w, https:\/\/agrilife.org\/agecon\/files\/2023\/03\/3.8.23-2-768x517.png 768w\" sizes=\"auto, (max-width: 1338px) 100vw, 1338px\" \/><\/p>\n<h4><strong>Dates &amp; Deadlines<\/strong><\/h4>\n<p>3\/27-31\/2023 &#8211; <a href=\"https:\/\/calendar.tamu.edu\/agrilife\/event\/283408-2023-ranch-management-university\">Ranch Management University<\/a><\/p>\n<p>4\/6\/2023 &#8211; <a href=\"https:\/\/calendar.tamu.edu\/agrilife\/event\/287860-rwfm-stewardship-webinar-series-water-law-overview\">RWFM Stewardship Webinar Series: Water Law Overview &amp; Update<\/a><\/p>\n<p>4\/14\/2023 &#8211; <a href=\"https:\/\/calendar.tamu.edu\/agrilife\/event\/286126-owning-your-piece-of-texas-key-laws-texas\">Owning Your Piece of Texas<\/a><\/p>\n<p>4\/19-21\/2023 &#8211; <a href=\"https:\/\/agrilifelearn.tamu.edu\/s\/product\/prescribed-burn-school-field-day-and-exam-april-1921-2023\/01t4x000002ciR1AAI\">Prescribed Burn School<\/a><\/p>\n<p>4\/25-26\/2023 &#8211; <a href=\"https:\/\/agrilifetoday.tamu.edu\/2023\/01\/19\/speakers-announced-for-annual-hemphill-county-beef-cattle-conference-2\/\" target=\"_blank\" rel=\"noopener\">Hemphill County Beef Conference<\/a>, Canadian<\/p>\n<h4><strong>What We&#8217;re Reading<\/strong><\/h4>\n<p class=\"entry-title\"><a href=\"https:\/\/www.morningagclips.com\/cattle-inventory-confirms-large-scale-contraction\/\" target=\"_blank\" rel=\"noopener\">Cattle inventory confirms large-scale contraction<\/a> &#8211; Morning Ag Clips<\/p>\n<p class=\"entry-title\"><a href=\"https:\/\/www.morningagclips.com\/the-cattle-price-discovery-and-transparency-act\/\" target=\"_blank\" rel=\"noopener\">The Cattle Price Discovery and Transparency Act<\/a> &#8211; Morning Ag Clips<\/p>\n<p class=\"entry-title\"><a href=\"https:\/\/agrilifetoday.tamu.edu\/2023\/02\/01\/hay-supplies\/\" target=\"_blank\" rel=\"noopener\">Hay supply near 50-year low, prices near record highs<\/a> &#8211; AgriLife Today<\/p>\n<p><a href=\"https:\/\/www.farmprogress.com\/cotton\/cotton-harvest-aid-a-bit-of-science-a-bit-of-art?NL=SWFP-01&amp;Issue=SWFP-01_20230207_SWFP-01_868&amp;sfvc4enews=42&amp;cl=article_1_b&amp;utm_rid=CPG02000003720166&amp;utm_campaign=74209&amp;utm_medium=email&amp;elq2=e17a17922cca401ea5429a3e63260cbd&amp;sp_eh=fc54480d0d14a33d5c2a776024d8a6ef4d73f0b110396c866f44917df491ab8f\" target=\"_blank\" rel=\"noopener\">Cotton harvest aid: A bit of science, a bit of art<\/a> &#8211; Southwest Farm Press<\/p>\n<p>&nbsp;<\/p>\n<h1>Key Financial Ratios to Watch in 2023<\/h1>\n<p>&nbsp;<\/p>\n<p>Financial ratios provide business owners with important information about the financial health of their business.\u00a0 Most financial ratios can be calculated from information found in the balance sheet, income statement, and statement of cash flows and measure one of five areas of financial health:<\/p>\n<ul>\n<li>Liquidity \u2013 the business\u2019s ability to pay its financial obligations that are due within one year.<\/li>\n<li>Solvency \u2013 the business\u2019s ability to pay all its financial obligations, regardless of when they are due.<\/li>\n<li>Profitability \u2013 the size of a business\u2019s profit relative to the size of the business.<\/li>\n<li>Financial efficiency \u2013 how well a business controls its costs and uses its assets to generate revenue.<\/li>\n<li>Repayment capacity \u2013 the business\u2019s ability to generate funds to make payments on intermediate and long-term debt.<\/li>\n<\/ul>\n<p>In this post we will look at three key ratios to monitor in your business in 2023.<\/p>\n<h1>The Current Ratio<\/h1>\n<p>The current ratio compares the size of a business\u2019s current assets (cash, inventories, and other items that are easily converted to cash) to the size of its current liabilities (financial obligations that must be paid within one year).\u00a0 If current assets equal current liabilities, the current ratio equals 1.00, if current assets are greater than current liabilities the current ratio will be greater than 1.00, and if current assets are less than current liabilities the current ratio will be less than 1.00.<\/p>\n<p>As a rule, you should aim to maintain a current ratio greater than or equal to 2.00.\u00a0 That is, the value of your current assets should be at least twice that of your current liabilities.\u00a0 If this is the case, you should have the ability to generate all the cash you need to finance your planned operating costs along with additional cash to meet any unforeseen expenses.<\/p>\n<h1>The Debt-to-Asset Ratio<\/h1>\n<p>A second financial ratio to watch this year is the debt-to-asset ratio, which measures the value of your business\u2019s liabilities relative to the value of its assets.\u00a0 A debt-to-asset ratio of 1.00 indicates that a business is financed entirely using borrowed funds.\u00a0 In other words, if you ended your business today, sold off all its assets, and paid your creditors what you owed them, then there would be nothing left over for you.<\/p>\n<p>You should aim to keep your debt-to-asset ratio below 0.50, which means that you own more than half of your business outright.\u00a0 That said, keep in mind that the definition of a \u201cgood\u201d debt-to-asset ratio can change with the way you choose to operate your business and with the age of your business.\u00a0 A farm that leases or rents most of the land and capital equipment that it operates with will not own as many assets and for this reason may have a different debt-to-asset ratio when compared to a similar farm that has chosen to purchase and own its assets.\u00a0 An older farm will have had more time to make payments on debt used to purchase assets and so will likely have a lower debt-to-asset ratio than a newer farm that owns a similar set of assets.<\/p>\n<h1>Term Debt and Capital Lease Coverage Ratio<\/h1>\n<p>A third ratio to watch on your operation is the term debt and capital lease coverage ratio (which I\u2019ll abbreviate as TDCL for the rest of this post).\u00a0 This ratio measures your business\u2019s repayment capacity and compares the amount of cash you should have on hand to make payments on debt to the size of any scheduled payments you must make on leases, term debt principal, or interest on term debt.\u00a0 A TDCL value of 1.00 indicates that your business will generate exactly the amount of cash you need to service any scheduled lease and debt payments.<\/p>\n<p>A good benchmark TDCL value is 1.50, which means you should generate 1.5 times the cash needed to make payments on existing leases and term debt principal and interest.\u00a0 At this level of repayment capacity, you should be able to comfortably meet your existing lease and debt commitments and take on additional term debt or lease commitments should the need arise.<\/p>\n<h1>Using Financial Ratios to Assess Financial Health<\/h1>\n<p>So how can you use these and other financial ratios to assess and maintain the financial health of your operation?\u00a0 The simplest way is to keep track of these ratios for your operation and to monitor how they change over time.\u00a0 As you make decisions, consider how those decisions will impact each financial ratio, and make improving these ratios an explicit part of your planning and goal setting.\u00a0 You should also take the time to speak with your lenders and learn how they use financial ratios when they evaluate loan requests.\u00a0 Most lenders have financial ratios that they prioritize in their analysis, along with benchmarks for those ratios.\u00a0 If you know what your lenders are looking for, you can more easily monitor your operation to make sure you meet their requirements.\u00a0 The benefits of doing this include easier access to credit when you need it and potentially lower interest rates on loans.<\/p>\n<h1><\/h1>\n","protected":false},"excerpt":{"rendered":"<p>Inputs costs are expected to stay high in 2023, and the Federal Reserve has indicated that it intends to continue raising interest rates as it attempts to bring inflation under&#8230; <span class=\"read-more\"><a href=\"https:\/\/agrilife.org\/agecon\/high-plains-ag-week-3-8-2023-key-financial-ratios-to-watch-in-2023\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1761,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_crdt_document":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[31,26],"tags":[46],"class_list":["post-2817","post","type-post","status-publish","format-standard","category-business-management","category-marketing-plan","tag-business-management","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>High Plains Ag Week \u2013 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