Maps help us navigate the world, and they not only show us how to get from point A to point B, but, depending on the type of map, they can also help us to see where patterns, clusters, and gaps exist in a spatial environment. As part of KCARD’s state-wide Local Food System Expansion Initiative, a series of interactive maps has been developed to visualize the Kentucky local food system. Stay tuned for parts two and three of the series in the next few weeks. We will present a closer look into local food sales in Kentucky and the various industries that make up the local food system.
Businesses registered with the Secretary of State (such as LLCs or corporations) are now required to report Beneficial Ownership Information. A reporting company created or registered before January 1, 2024, will have until January 1, 2025, to file its initial BOI report. A reporting company created or registered in 2024 will have 90 calendar days to file its BOI report.
Farmers and business owners often don’t pay themselves a consistent wage/salary for a number of reasons, although they are contributing a lot of sweat equity to the business. Check out this post to learn more about how and why you should consider paying yourself as the owner of the business.
Getting a loan to purchase a farm, or an operating loan, can seem like a challenging task. Farmers often have questions about what information they’ll need to have to successfully obtain a loan, how long the process will take, and more. Check out these tips on ways to prepare for getting a farm loan.
April is Financial Literacy Month, so it’s a great time to take a look at your business’s financials! One of the pieces of advice we often tell agribusinesses is to “own your numbers”. As a business, you should understand your income and expenses, and know where the numbers on your financial statements came from. Check out this post to understand what financial statements KCARD can help with and why financial projections are important for your business.
The beginning of a new year is often spent reflecting on the past year and planning for what is to come. We often make New Year’s resolutions to form new habits focused on our health and wellness; here are six habits that focus on improving the health and wellness of your business.
“What happens to the family farm?” is a question that commonly comes up after an unfortunate accident or death, which can add stress and tension to an already difficult situation. However, it’s ideal to create a plan early so the farm can pass more smoothly to the next generation. In this post, we discuss initial questions to consider and the best first steps to take when beginning the process of succession planning.
Owning a business can be tough and paying employees can be confusing. Some businesses will prefer a local bookkeeper they can meet with face-to-face, but as more services move online, businesses are becoming more comfortable with online professional service providers for assistance with payroll and taxes. Before choosing an online payroll provider, it’s important to consider your business’s needs to see which option is right for you.
Some of our growing clients get to a point where they feel like financial documents and planning are taking away from their time developing new customer relationships or managing other aspects of the growing business, so they start thinking about contracting that component of the business out. In this post, we discuss some things to consider when finding an accountant for your business.
It is important to understand the cash flow needs of your business and the potential threat of not having enough cash on hand. One of the most common challenges we see in businesses with whom we work is cash management.
Keeping records is VITAL to your business. It helps you measure your growth (or decline), see what is costing you the most, and give you an idea of how much money you have at a given time. A business owner must think about how they can best keep records to ensure the system will be useful. In this blog post, KCARD outlines the three different types of recordkeeping systems.
The Kentucky Center for Agriculture and Rural Development is a non-profit organization established to facilitate agricultural and rural businesses in Kentucky. We are supported primarily through grants provided by the USDA Rural Cooperative Development Program and the Kentucky Agricultural Development Board. Additional support is provided through our work with partners around the state and through fees charged for select client services.
