Author: admin

We’re joining other banks throughout Georgia in celebrating National Ag Day today by providing financial tips to the next generation of America’s farmers and ranchers. Unlike established farmers, young and beginning farmers may need to learn the basics of creating business relationships and what goes into making financial decisions.

“There are a number of challenges facing today’s young producers. We’re always here to help navigate the financial ones,” said Jackson McConnell, Pinnacle Bank President. “We want to make financial decisions easier so farmers can focus on the farm.”

Top Ten Business Tips for Young Farmers

1. Sweat the small stuff. Keeping accurate and detailed records encourages both short-term and long-term financial planning. Not only does it help you stay organized and make better management decisions, it makes it easier for your lender to assess your financial situation.
2. Develop a business and marketing plan. You will work smarter and improve your odds when you focus and organize your goals.
3. Evaluate your capital investments for profitability and payback. Keeping track of how long it will take to generate enough cash flows from a capital investment to justify the investment will help you make better financial decisions for the future.
4. Know your costs. When you consider your cost of living and expenditures, including depreciation and family living, you’ll have a better understanding of your overall financial situation. Your local banker can provide guidelines to monitor your financial ratios.
5. Decide on what type of operation you want to run. New farmers and ranchers should either be very efficient, low-cost producers or should add value that someone else will pay for.
6. Consider supplementing your operation with off-farm income until your operation is large enough to employ you profitably full-time.
7. Consider renting farm equipment or custom hiring instead of purchasing.
8. Shop around. Getting price quotes on supplies such as feed, fertilizer and fuel can uncover lower cost sources. Your research might get you a discount from a local, preferred supplier that gives excellent service. Make sure product quality is part of your evaluation.
9. Ask Pinnacle Bank how to get access to state and federal credit enhancement programs. We’re happy to help you identify special benefits for first-time Schedule F tax filers.
10. When in doubt, ask for help and guidance from someone you trust–an experienced farmer or rancher, a trusted adviser or your local branch of Pinnacle Bank. You don’t have to make these important financial decisions alone.

National Ag Day, now in its 42nd year, is organized by the Agriculture Council of America.

Elbert Memorial Hospital Foundation recently sponsored its 4th Annual Jack Frost Jump at the Richard B. Russell State Park Beach Area, and several Pinnacle Bank employees in Elbert County participated.

Proceeds from this year’s event go to the Elbert Memorial Hospital Charity Care Program assisting the uninsured, the poor, the needy, and the sick with their health care needs in the community, regardless of their ability to pay.

Foundation Chair Sandra Brown said, “It was amazing to see all the people who came out for the Jack Frost Jump.  It was estimated that about 100 people enthusiastically ran into the chilly waters of Lake Russell, and there were 200 people watching from the beach area!  The air temperature was in the 40s, with a wind chill in the 30s, and the Lake Russell water temperature was 45 degrees.

That water was mighty cold, but the Pinnacle Bank team was proud to brave the chilly temperatures for charity.

Pinnacle Bank is proud to support local charities in our community, and were thrilled to support the Jack Frost Jump! The event raised over $12,000 for the Elbert Memorial Hospital Charity Care Program .

The Jack Frost Jump also honors the life and memory of Donna Seymour, who enthusiastically spearheaded the first two successful Jack Frost Jump Fundraisers.