It was the eighth hour of my head dangling along the opening of the porcelain throne, realizing I had nothing left to give, that I looked up and swore I saw a bright light. It’s OK, I thought, I’m ready to meet my maker.

Don’t judge. At one point, either in youth or adulthood, we’ve all been there. Whether food poisoning or a violent stomach bug, I spent nearly 24 hours bowing down and another 96 recovering. After finally returning to work, I received this message from my fellow editor Kevin Schulz at The Farmer in Minnesota: “Was it a good core workout at least?”

Everybody has that person who offers a little levity to the situation, but he had a point. Was I fit to handle what life throws at me?

Given the state of the farm economy, you may be feeling a little queasy. Unlike my experience, it will likely not last a day or even five, and the severity of the experience may depend on how long you’ve been in the business.

For the younger generation, this may be the first truly difficult ag economic trial you face. You may feel like hurling. Those with a few years under their belt may simply take a Dramamine and walk it off. In either case, is your core ready to handle the financial downturn on the horizon?

Time to assess farm funds

Farmers who are prepared to weather these economic storms can protect their livelihoods and maintain stability even when market conditions are unfavorable.

To ensure that your farm is ready for a potential economic downturn, I asked my husband who spent more than 20 years in the ag finance industry to help craft our version of a CORE workout — an approach centered around cash flow, operational efficiency, risk management and equity position.

Here’s how each element of CORE can help beef up your farm’s financial resilience:

Cash flow. Keep a close eye on your cash flow, especially when the economy takes a dive. Start by checking out where your money’s coming from and going to — look at your income, spending and savings. Find any gaps or spots that need fixing. Stick to a solid budget, keep track of your cash flow regularly and cut out any unnecessary expenses.

Operational efficiency. To save money and boost productivity, you will need to streamline how your farm operates. Drill down on your precision farming tools to look for ways to cut down on waste and boost crop yields. Assess seed, fertilizer and chemical purchases to ensure return on investment. Also, make sure to maintain your equipment regularly to avoid pricey breakdowns.

Risk management. Managing risk is key to handling the ups and downs of farming. Create a solid risk management plan that covers potential issues such as price changes, crop failures and natural disasters. Crop insurance is a great backup for poor yields or unexpected losses. Diversify the crops you grow to spread out risk. Keep an eye on market trends and any policy changes that might affect your farm, and be ready to adjust your plans as needed.

Equity position. In a downturn, the first step is a thorough assessment of your current equity position. Evaluate your assets and liabilities to ensure you are not overextended. Assess how much you own versus how much you have leveraged. Don’t finance new equipment. Rather, fix it up. Also, look for ways to use equity with other farmers, such as sharing equipment.

While farming always comes with its challenges, smart planning can help you get through rough patches and come out stronger. We hope our CORE workout helps.