Dakota Farmer

Do you need internet for successful finances?Do you need internet for successful finances?

Next-Gen Agribusiness: Digital connectivity builds financial health on the farm.

January 27, 2025

4 Min Read
Farmer typing on a laptop
ONLINE TOOLS: Digital tools can be used to streamline financial success on the farm. ArtistGNDphotography/Getty Images

By Jordan Howe

Few would argue that farming is one of the most difficult professions to earn a living. You only get so many seasons to get it right, and many are leveraging technology to make the road to success just a little bit smoother.

Young growers — those who tend to be native digital users and who’ve grown up in the digital age — have adopted these tools with relative ease. If you’ve been farming for a long time, you may think of these digital advances with more skepticism and hesitate to go the digital route because of privacy concerns, or find it easier to manage finances with pen and paper.

The reality is, in 2025, farmers need digital capabilities and connectivity to be successful. If you haven’t made the leap to integrate your finances with all the other digital tools you use to manage your farm, here’s a reminder of the benefits of taking a connected, integrated approach.

Simplify finances to save time and energy

Although every farm's financial plan will look different, most growers will agree that they are short on time and/or often lack labor resources to focus on the back end of their business as much as they would like. Using a digital platform to manage your finances will streamline many time-consuming tasks, compared with what you might spend if you’re using more analog methods.

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For example, if you use a digital platform to track interest rates on financing specific products, you can have immediate, real-time access to available rates and take advantage of exceptional offers without having to get into the weeds or call your banker or loan expert for details.

For younger growers who are going to be challenged to find capital in 2025 because of the more conservative lending environment, digital tools also can help expedite the credit application process and quickly get approval on loans.

Another benefit of using digital tools to manage farm finances is that you can more quickly and easily use data to make profit-generating decisions. Growers know that there are limitations to earning a profit.

Based on commodity prices, the ceiling is only so high, and to avoid leaving value on the table, you have to streamline your finances and find ways to either lower costs or increase yield.

Digital tools make it much simpler to keep track of your costs and other financial details — such as financing offers on specific products, year-over-year review of statements and when bills are due — as well as take action to improve your profitability (e.g., getting a better interest rate on a loan, avoiding late fees, etc.).

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Anytime-anywhere access to your bottom line

Managing a farm business is very different today than it was even 10 years ago. The inherent volatility of the agriculture industry has always required growers to pay attention to their financial health, but the pace of agribusiness is quickening, making it more important than ever for growers to track their finances at every stage of the crop cycle, not just at the beginning and end of the season.

With clear goals in mind, technology can help you see your financial picture 24/7, whether you’re in the field, the office or on the go.

The economic forecast for 2025 is projected to be tough for growers. It’s always important to know your costs and your financial position, but when the economic environment is dealing growers a tough hand as it is now, you need to be aware of your costs and your breakeven point all the time. Just as you use digital platforms to manage other elements of your operation, it makes sense to consider options to employ digital tools to also support financial aspects of your operation.

In this way, you can keep track of your crop and your money.

Take the guesswork out of your financial plan

Growers often take a calculated approach to their crop plan and monitor every stage of the growing season closely. They invest in new technologies to run their operation with more efficiency and/or to increase yield.

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You should be taking the same approach with your farm finances, looking for tools and services that can advance your operation from a financial perspective. Digital tools make the task of tracking your financial position easier to do.

They also can help create more certainty that you are set up for financial success, that you know what your breakeven point is and that you can access information so you can make adjustments as the season rolls on. With those insights, you can make better decisions with more confidence.

Using digital tools to connect your farm finances with other areas of your operation is a great way to understand your financial position, advance your operation and stay ahead of the game so you are set up for success, which takes some of the stress out of farming.

Howe is an area manager with Nutrien Financial and oversees operations across the Corn Belt, Western U.S. and Canada. He provides leadership and innovative solutions to help growers increase their buying power and maximize every opportunity for success. Learn more at NutrienFinancial.com.

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