It’s a little slower this time of year as crops grow and cattle graze. Put it to good use by taking a closer look at your farm management practices.

Just past the midway point of the year, now is the time to examine and adjust your farm plan. The University of Missouri Extension in a recent news release noted five areas to assess:

1. Agricultural budgets. Check enterprise budgets to evaluate projected costs and returns. Adjust as needed. Use budget calculators. Each state Extension or university typically offers one. If yours does not, Mizzou has the Missouri crop and livestock enterprise budgets as a reference. It also offers customized budgets for agricultural enterprises — including cotton, peanuts and rice.

2. On-farm labor. MU Extension agricultural economist Ryan Milhollin suggests evaluating current labor needs and assessing employee relations. “Hiring and keeping good farm labor can be a challenge for operators of all sizes,” he says. “Having a solid management plan to find and reward productive agricultural workers can position farms for success.”

MU Extension team members recently developed a suite of how-to videos, checklists and resources for farm labor management that can help operators attract, hire, retain and, if needed, fire farmworkers. These are applicable no matter the state or operation type. Find them at the farm labor website.

3. Custom service rates. Whether seeking or offering custom services, keeping track of current rates is important. Find median rates of farm services by checking your state Extension guides. They help determine costs of items such as fieldwork, planting, fertilizer and chemical applications, harvesting and hauling, heavy equipment jobs and more.

4. Succession planning. Transition and succession planning is critical for farm operations. Now is a good time of year to have those conversations. Take steps to allow for ease of transitions in the farming business.

5. Farm lease agreements. Take quick inventory of current farm leasing arrangements. Communicate with your landowner or tenant about changes to current agreements. Look at multiple leasing options beyond traditional fixed cash or crop-share leases.

MU Extension specialist Juo-Han Tsay says operators may consider flexible cash leases to allow landowners and tenants to split risks and return more equitably given uncertainty and fluctuation in input costs and prices. He, along with other colleagues, developed a primer for flexible cash leasing arrangements that is available to download for free at extension.missouri.edu/g422.

Don’t wait until the end of the year to realize you’ve missed the farm management mark. Start now. Then don’t be afraid to change your plan to hit the target.