At KCARD, when we are working through financials for clients, we are often asked “Do I need to file a Schedule F?” or we often ask businesses if they have ever filed a Schedule F.
Meat Processing: A Year Later
Last year about this time, we all began learning a lot more about COVID 19. We also started seeing grocery shelves with less meat on them than we normally expected to see. Meat processors in the state who were already at least six to eight weeks booked if you tried to schedule animals to be processed started getting a lot more calls as more people were seeking local meat and more farmers saw an opportunity to expand direct meat sales to consumers.
Highlighting KY Local Food Expansion Initiative
With the Kentucky Local Food Systems Summit starting tomorrow (you can still register here!), we wanted to spotlight KCARD’s Kentucky Local Food System Expansion Initiative. Launched in 2020, the initiative works collaboratively with partners to assist Kentucky local food farmers and buyers in sales and sourcing of local food. Below are some common questions about the Initiative.
First Look at My Financials – Where Do I Start?
One question we receive a lot at KCARD is how to begin looking at a business’s financial statements and learning from them so that you can make good decisions going forward. Right now, this topic is especially timely since we know a lot of folks who are calendar-year tax filers are putting together their documents to take to their tax preparer.
Keeping Sunk Costs From Sinking Your Decisions
“Well, I’ve already got so much into this crop, might as well see it through...”
“I spent a whole lot of money to start this project, so I need to spend more money to get it done.”
If you hear yourself saying this, do not make any sudden movements. You are about to sink a decision by considering your sunk costs. “Sunk costs” refers to money that is already spent. No matter your next decision, that money is G-O-N-E with no recovery, so if you try to base your decision on those costs, you could end up throwing good money after bad.
Kentucky AgVets Mentor Program Set to Begin in March of 2021
With the upcoming growing season quickly approaching, the Kentucky AgVets program partners will be matching the first round of veteran participants with mentor farmers. Mentorships will be designed to provide hands-on training and develop a network for veterans looking to start their career in agriculture. Mentorships will start out at 9 months long and can be extended as needed if mentor and veteran participant agree.
Screening for fit: How to save time when looking for grants
When you first find a grant program that could fit your interests, your main source of information will typically be a document called the “Request for Applications”, also called the “RFA” or in federal programs, a “Notice of Funding Availability” or “NOFA”. This document is key in determining if a grant is a good fit for you or your organization and can easily surpass 40 pages in length. While you will need to read the entire document eventually, we suggest reviewing the following sections first:
Fear of Missing Out - The Business Version
FOMO. Yet another acronym that I had to learn from someone much younger than me. FOMO = Fear of Missing Out. It’s the term associated with people incessantly checking their phones, worried about missing out on the latest news about a celebrity, politics, an earthquake on the other side of the world, your friends’ vacation pics or missing out on experiencing something they are only learning about because of the phone in their hand.
Beginner Farmer Series: Flower Farm
Growing fresh-cut flowers can be a beautiful way to utilize your farm ground. However, like any new business, it’s important to set yourself up for success. A few key points to work through before tilling your first flowerbed:
Growing Your Farm and Good Business Webinar Series Takeaways
In October and November, KCARD hosted a 6-week webinar series to help people work on their business and figure out what funding resources are out there that are good fits. Below are our top 5 takeaways from the series.