The economic turmoil in the wake of the COVID-19 pandemic has left a lot of small agricultural business operators asking difficult questions about managing their finances.
“Farm business margins have always been tight, and now there are a lot of things in flux, even more than usual,” said Courtney Bir, assistant professor in the Department of Agricultural Economics and Oklahoma State University Extension specialist. “Making decisions when you don’t have a sense of what’s happening is difficult.”
OSU has several resources and events that may help. For example, Bir and other economy and finance experts will be featured in the upcoming Women in Agriculture and Small Business Conference, scheduled Aug. 5 to 6 in Oklahoma City. The annual event, which could not be held last year because of the pandemic, will offer four programing tracks highlighting agricultural production, alternative enterprises, business and finance, and beginning farmer interests. A sample of topics includes:
• Understanding cottage laws and on-site processing, led by Erin Johnson, business/marketing client coordinator with the OSU Robert M. Kerr Food and Agricultural Products Center.
• Making smart money decisions, by Janna Walker, CPA.
• Tax considerations during the COVID-19 financial flux, by J.C. Hobbs, OSU Extension tax education and farm management specialist.
• Grant and loan resources, by Travis Jones with the federal Natural Resources Conservation…