Is a Mentor Necessary for Success?

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Introduction

Looking to start your poultry farm? Or you’ve just recently started. The bad news is that it is very difficult to succeed as a poultry farmer but the good news is that there are many experienced people out there who have experienced the highs and lows of poultry farming but later ended up a success. If you have been following our blog religiously, you may have noticed that I always talk about the fact that it is less expensive to learn from other people’s mistakes than your own. Again, let me be clear here; having a mentor doesn’t necessarily guarantee you success but at least you have quality advice and insights on how to succeed as a poultry farmer.

Reasons to have a mentor

  1. You avoid unnecessary mistakes: This is an obvious fact many take for granted. As a beginner attempting anything new, be rest assured that you are going to make mistakes. For instance, as a beginner, you may not know that you shouldn’t just allow anyone to enter your farm as they may be carrying deadly pathogens which may wipe out your birds. So let’s examine this scenario, an experienced poultry farmer once lost all of his birds to a disease outbreak and shares with you that when he was inexperienced in the business, he just allowed anyone to his farm so that he could gain validation for the progress he had made and this was a contributing factor to his disaster. Upon hearing this, would you rather just allow anyone to your farm and probably lose GHS 50,000 of investment and start over or you probably just listen to the experienced farmer and save yourself all the trouble. The choice is yours.
  2. A mentor reassures you: Let’s assume you are into egg-production and you realize that your farm in the first few months, really drains you financially but the problem is you read a blog post by PKOM Bookkeeping that poultry farming is very lucrative. We lied right? Wrong! If you have a mentor who has been into poultry farming I’m pretty sure he’ll tell you that the first few months are pretty difficult and you shouldn’t expect to get any significant profits but keep on pushing because very soon you are going to reap the rewards. Many people have an instant gratification mindset and when they attempt poultry farming without any guidance, they instantly give up when they are faced with a few obstacles.
  3. A mentor is a highly connected person: A mentor is someone who probably spent years attempting, failing and succeeding in the very field you wish to pursue, therefore, along the way they may have made a lot of friends. Tapping into your mentor’s network is priceless as you could gain access to customers, suppliers and other very valuable people.

Conclusion

Please remember that the first mentor probably didn’t have a mentor but he probably made a lot of disastrous errors before finally succeeding. You could also succeed in your poultry farming endeavour but I hope you can succeed without making unnecessary and costly mistakes which could have been prevented if only you had the right person to guide you.

Don’t be an Employee in Your Own Business

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Introduction

It looks as if we are blessed as a generation. There is an unimaginable abundance of free information on the internet and it is extremely easy as compared to other periods in history to learn a useful skill. The internet has provided us with all this free information but there is a downside to this DIY culture: people try to be their own doctors, their own electricians, their own accountants, their own drivers, etc. Naturally, we cannot master everything in this world – we have our strengths and weaknesses, therefore, as you proceed in your poultry farming adventure, you must understand that you may not be competent in all aspects of the business hence, the need to delegate certain duties to the most qualified people.

Reasons why many farmers don’t delegate duties

  1. The desire to save money: Don’t get me wrong, business is a money game and you should always strive as much as possible to reduce expenses to increase your profits but the insatiable desire to always find a way to save money may harm your business in the long run. For example, you had a problem with electrical wiring in your farm and instead of hiring an expert electrician to fix the problem for you, you rather decide to apply a DIY solution – in the short term you saved the GHS 100 you would have paid to the electrician but what if three months down the lane, the electrical contraption you made catches fire. Well, there you go, you lost all your years of hard work just to save GHS 100, Ouch!
  2. Greed: You may think, “But PKOM, isn’t point #2 the same as point #1?” The answer is there are some differences. For example, you may want to hire a consultant for some practical assistance since you lack the experience to run a poultry farm. You later find one (a consultant) and you both agree on a fee. Along the line, you begin to think the consultant is making too much money off you so you’d rather handle your own affairs. Later, you stiff your consultant of her payment. Doing this, you may be tempted to believe you’ve won but you also run the risk of making a fatal error which could result in you losing your investment.
  3. Control Issues: Some people are so insecure that even basic responsibilities, they don’t want to give up. For, example if your farm has grown big enough, you shouldn’t collect and arrange the eggs yourself but rather hand over that responsibility to some employees. Doing so will free up more time for you to focus on more productive things like managing your farm and thinking about how to make more profits.

Conclusion

There are many reasons why you should hire employees when you farm reaches a certain stage because when you attempt doing everything yourself you risk burnout, poor quality of products, missed deadlines and poor time management. Therefore, don’t try to be an extra employee rather, strive to be a leader and watch your poultry farm blossom.

There is more to Poultry Farming than Just Making Money

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Introduction

Poultry farming is a “cash-printing machine.” It is so lucrative, that if you do it the right way, you could end up being a millionaire in ten years or less but the truth is poultry farming isn’t just about the money.

Poultry farming creates unlimited opportunities for thousands

Well, this might seem contradictory because poultry farming, for the most part, is very labour intensive and this creates employment opportunities for a lot of people. Poultry farmers who desire to grow big are not only motivated by the money they might get, but by the real possibility of being a positive influence on hundreds if not thousands of people.

The products of poultry farming are a relatively cheap source of protein

Apart from providing people with job opportunities, poultry farmers play a crucial role in feeding the world. Think about how cheap eggs are how many people and industries derive benefit from them. Another fun fact is that chicken is cheaper than fish in Ghana, therefore, poultry farming ensures that everyone, no matter the income level, gets a good source of protein.

Poultry farming is a prestigious business

In Ghana, poultry farming is deemed very prestigious no wonder many people aspire to join the industry. Entering this field unlocks the door to meet with several influential people through poultry farmer meetings and conferences. Mind you, we have doctors, lawyers, accountants, pharmacists, etc who are into poultry farming so you are never short of having great people to interact with.

Poultry production boost crop growth

Just when you thought poultry farming could not be any better, I announce to you that poultry droppings are an excellent type of natural fertilizer. Chickens droppings help to increase pH levels of soil and also helps soil in water retention abilities. However not all crops are compatible with chicken dropping – garden fruits and vegetables are an excellent match for this kind of manure while acidic soil loving plants may not be a good match.

Conclusion

So there you have it, poultry farming has many broad beneficial applications and should be encouraged especially among the youth in Ghana.

Do You Need a Business Plan for Your Poultry Business?

Introduction

Let me be frank here, you don’t need a business plan to succeed as a poultry farmer but do you know what a business plan can do for you? It can prevent you from making costly mistakes – mistakes which the majority of people cannot recover from. So ignore the planning stage at your peril, maybe you are one of those guys who can recover from tremendous setbacks.

What is a business plan?

A business is a written or unwritten document which describes the operational and financial objectives of a company and how the company seeks to achieve them. As a new poultry farmer, it is very crucial to prepare a business plan because, the business involves several complex financial obligations like feeding, veterinary visits, labour and possibly fuel. Preparing a business plan will ensure that you are properly equipped with a good estimate of how much you are supposed to spend and how much revenue you are to expect.  In case you want to know how much money you need to start a poultry farm, follow this link tinyurl.com/y89x74p8.

Benefits of a business plan                                

  1. Helps in evaluating feasibility: Is your idea feasible? Perhaps, you want to rear 1000 turkeys. Do you fully understand the space required to rear them, their feed or labour costs? Again, do you fully understand how fast your return on investment will be? Perhaps, you heard poultry farming is very profitable so you might be thinking of all the revenue you are going to make forgetting the costs involved. The business plan will help you understand whether to stick with your original vision, revise it, or abandon it altogether.
  2. Business planning helps you track the progress of your business: Many people assume that business plans are just a one-time affair – prepare it, use it to apply for a loan, get the money, and dump it. Actually, business planning goes way beyond that;  let’s say in your business plan, you were supposed to collect 25 crates of eggs per day after week 5 but you end up collecting only 15 crates, this signifies that there may be a problem which may either be an infection or bad weather conditions. Failure to make proper financial and operational projections means you are not going to identify mediocre results when they happen.  
  3. Business planning helps you secure funding: Of course, this is the all-time favourite. No one is going to fund your business if they believe you don’t have enough knowledge to execute it– they’ll probably think you just there to waste their time and money. But if you explain to them the costs involved in running the business, the type of equipment you require and the potential revenues, I’m pretty sure you have a high chance of securing the funding you need. The business plan contains all the necessary details for your investor or bank to gain the needed insights about your business.

Conclusion

Having a business plan doesn’t necessarily guarantee you success in poultry farming but it is surely going to unlock many opportunities which will increase your odds of making it big in the industry. If you need a professional business plan but don’t know how to get started, please visit www.pkombookkeeping.com/contact/.

How to Leverage Debt to Grow a Poultry Farming Empire

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Introduction

A lot of people, ladies especially, freak out when they hear the D*** word. Oh wait a minute, not the other “D”, I meant debt. What people fail to realize is that debt is only a tool just like a kitchen knife – you can either use a kitchen knife to aid in the preparation of a delicious meal or use it to stab yourself. Debt is the same, you can either use it to grow your business or commit financial suicide.

Some benefits of debt

Poultry farmers take on debt for the following reasons:

  1. To smoothen cash flow: Egg producers especially use debt to help them during the four-month period when no revenue is flowing in because the birds haven’t started laying. Money from debt can help farmers purchase feed and pay workers during this tough period.
  2. To purchase equipment: So you are running a profitable poultry farm and decide you want to upgrade to an automatic water delivery system. Do you wait to save up thousands of Ghana cedis or apply for a loan to fix it? I know you’ll make the right decision.

Take on debt strategically

The fact that I said debt can be used to grow your business doesn’t mean you should recklessly go in for other people’s money. You must remember that there is hardly any free lunch. Same way pretty much no one just dishes out huge chunks of money to a random entrepreneur, debt comes with interest payment so be careful. If you could remember, I spoke in a previous post, tinyurl.com/y8doqvxn I spoke about how you can raise money to start or run your operation and I also strongly advised that as a starter, try to use your own money to build something tangible then later, you can think about chasing others funds. If you apply the strategy I just outlined in the previous sentence, you would understand the exact amount of money you need to prevent over-borrowing. Over borrowing can be dangerous to your business because it implies you have too much money on your hands which may cause you to scale your business prematurely or pay unnecessary interest expenses.

Conclusion

I hope this post has helped change your perceptions on debt and that you now recognize that debt is a tool when used correctly, could transform your fortunes. Good luck on your poultry farming journey.

How does your mindset determine your success as a poultry farmer?

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Introduction

The Free Dictionary by Farlex defines mindset as a fixed mental attitude or disposition that predetermines a person’s responses to and interpretations of situations. Much of our mindsets as young people are shaped by our parents and societies. Of course, we come from different backgrounds so our ways of thinking will never be the same. For instance, if you were born to very poor parents, you may have been raised believing that rich people are evil. In this blog post, I’m going to describe how your mindset is going to influence your success or failure as a poultry farmer.

Stop the wishful thinking

We all have that friend who has all these great plans to own a poultry farm, piggery, cattle ranch, you name it. But when you ask them how they plan to achieve this, they give you the usual, God’s time is the best and that you should wait and see. Don’t be like these folks – whenever you plan to do something, think about the strategies you are going to employ to achieve your goals don’t just sit down and fantasize about your success. For instance, if you dream of running an ultramodern poultry processing facility, start from the basics; buy a small freezer, purchase a few broilers from local poultry farmers, slaughter and dress them neatly then finally, attempt to sell the products to some people in your area. After you have successfully tackled the basics, you can now reach for the bigger goals because by this moment, you have a track record and people believe you can deliver so raising money to start your ultramodern factory will be relatively easy – I recommend that you read a previous post, https://tinyurl.com/yb6gfzde for more details.

 Don’t judge a service by the amount of money you pay for it rather, judge it by value

I just don’t get the mentality of certain people. Just recently, a woman contracted me to keep the books of her business and we agreed that she was going to pay me a fee on a basis but I don’t know whether she later realized that “I was making too much money off her.” Yes, you heard that right, she was focusing more on the amount of money a 23-year-old university graduate was making instead of rather focusing on the value I was bringing her. You know how the story goes, she later began to stall on my payments so we just had to terminate the contract. As a result of this woman’s greed, she now lives paycheck to paycheck under the mercy of predatory lenders because she believed she was making me too rich. So if you are a poultry farmer or aspiring one, always look at the value you are going to get. For example, if you are to pay GH₵200 for a service which will indirectly bring you GH₵500 don’t think the person who is receiving the GH₵200 is becoming too rich but rather, see it that you are gaining more value on your investment.

Don’t be arrogant or believe you’re automatically entitled to have beneficial things

Let me tell you something, the world owes you nothing. Until you can produce something meaningful, no one, excuse my language, gives a sh*t about you. So stop complaining about how the world is unfair, your social status or how you don’t have capital, etc. Just get to work. Of course, no one said the journey is going to be easy but I assure you that if you maintain discipline and are persistent enough, you will marvel at the amount of progress you make.

Value progress, not perfection

I bet you that there are some people out there who are waiting until they get GH₵100,000 before they start their poultry farms but this rarely happens. Rather than waiting for the perfect moment before you take action, start with the little you have and try to make incremental progress. For example, you should take pride in starting a 100-bird capacity but in your second year, you increase the number to 150. I know many of you can do greater than 150 in two years but the message I’m trying to put across is that always be happy when you see improvements no matter how small because it is these little improvements that will accumulate to give you massive success.

Conclusion

All I want to say is that if you want to be successful, think like a successful person but above all don’t just dream and wake up with nothing to show for it. When you dream, make sure you back it up with action. Shalom! Once again, I wish you good luck in your poultry farming journey.

Does Making Money as a Poultry Farmer Make You Wealthy?

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Introduction

Without a shadow of a doubt, poultry farming is a very lucrative business and can greatly improve anyone’s living standards but this begs the question, “If poultry farming is this lucrative as PKOM is saying, then why every poultry farmer isn’t rich?”

What is wealth in the first place?

DK Illustrated Oxford Dictionary 1998 edition defines wealth as having abundant possessions. Since money is the principal medium of exchange in this modern era, let’s focus more on it as a possession. There have been too many instances where multimillion-dollar salary-earning athletes went bankrupt soon after they retired; A classic example of this is Mike Tyson, who was a world champion in heavyweight boxing, earned more than $300 million during his career but squandered it all on jewellery, prostitutes, mansions and cars and ended up with a $23 million debt. Nowadays though Mike Tyson has recovered and his life is back on track. I believe by now, everyone understands that making a lot of money monthly isn’t necessarily the ticket to financial freedom.

Check your habits 

Ask the average person why they are struggling financially; they’ll tell you that is because they don’t earn enough money but what is more interesting is that, some people who earn way fewer amounts of money are able to invest and become financially free – A clear example of this was a video, www.youtube.com/watch?v=zRQ2g4Qlv44 explaining how a parking lot attendant who earned around a minimum wage grew his fortune to $500,000.00. So the problem is not the lack of money but rather, what people do with the little they have. As a poultry farmer, for example, don’t just assume that every day your hens will lay eggs so you can live a care-free financial life.  Always make sure you have a percentage of the poultry farming earnings saved up for emergencies and also carefully monitor your expenses – I’ve already explained this on www.tinyurl.com/y9y2lnzj.

Tips to grow wealth as a poultry farmer

  1. Separate your personal finances from business finances: I think I have mentioned this before and I will mention it again. Make sure you set aside a monthly salary for yourself. This way, you can carefully monitor how you spend money and also save yourself from blowing through funds meant for your farm.
  2. Plough back at least 50% of the profits back into the farm: You wants to see your farm expand and make you more money? Then don’t spend all the profits. This is my general rule concerning how to deal with profits – invest 50% back into the business, draw 10% for yourself in addition to your salary, save 20% for emergencies and invest the remaining 20% in passive investments like treasury bills or rental properties. NB: It is always advisable to maintain more than one bank account for your business because if the bank you are saving your money at collapses, your funds are going to be locked up for a long period; do I really need to give examples for this one?
  3. Make sure you have a solid legal team: After to have heeded to tips 1 and 2 don’t assume your money is totally safe. As your business grows and makes your richer, you become a natural target for scammers and lawsuits. At this point, before you sign any contract or enter any deal, make sure the terms and conditions are evaluated by a good lawyer so that you can save yourself from any potential legal disasters.

Conclusion

Poultry farming, if done correctly, can make you a lot of money but make sure you are responsible with how you spend and invest your money to build generational wealth. I wish you good luck on your poultry farming journey.

Do You Need to be Ruthless to Succeed as a Poultry Farmer?

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Introduction

There is this stereotype flying around that rich people are greedy and that if you are not selfish enough you are never going to succeed as an entrepreneur. Sure, we see a couple of successful people who are highly arrogant or lack any kind of empathy but the truth is they usually behave this way after they’ve grown big so as a poultry farmer now beginning your journey, treating your employees and customers with respect is the best way to go.

Be a caring person but never entertain mediocrity

I have met a couple of poultry farmers who decide to leave their businesses in the care of relatives. If you happen to find a loyal relative who loves you and wants you to succeed, then Bingo! You’ve hit the jackpot. But the twist in this tale is that if you were unlucky enough and employed an irresponsible relative to manage your affairs, chances are things will go south. For instance, I know of a poultry farmer who has employed his nephew to take care of his farm but it turns out that this story is very far from a fairy tale. It was later revealed that this nephew was stealing from his uncle. The farmer even reported that his nephew employee could steal as much as three crates of eggs from the farm and also pocket part of the money given to him to buy fuel. Upon him going through this ordeal, any reasonable person would expect the man to fire his nephew and employ another person but no, this farmer, instead of letting logic and basic economics think for him, rather allows his emotions to control his decisions thus being stuck with an unproductive employee all in the name of “love.” So what I want you as a poultry farmer to do is always run your farm with logic and empathy as well – if in case, you have a relative who isn’t delivering the right kind of results for you, fire him!

Take your customers seriously

If you’re in Ghana and into egg production, chances are you will not meet the demand as customers will be paying you in advance for bulk supply of eggs but this doesn’t mean you should take your customers for granted. If you take someone’s money, make sure you supply her with the products at the time you promised. If you become dishonest and cannot deliver on your promises, gradually, you will lose the trust of your customers and this may jeopardize your business in the long run.

Conclusion

Of course, being a cold-hearted or selfish person will only take you so far in your poultry farming journey but that doesn’t mean you should allow others to take your leniency as a weakness. As much as possible, try to treat everyone with love and respect but never compromise on your core values: discipline and integrity. I wish you success in your poultry farming adventure.

Dream big but start small

Introduction

We are living in the age of social media. Browsing through Instagram, I find a lot of interesting images young people taking luxurious vacations, posing with fast cars and showcasing their so-called “couple goals” relationships. The problem with these glamorous social media posts is that it is almost impossible for anyone to achieve this nearly perfect lifestyle and because these social media personalities have garnered up quite the following, they have led many innocent people, especially the younger ones, to have unrealistic expectations of life leading many of them to depression or even suicide. Furthermore, these unrealistic expectations carried by many of the youth today has caused some unscrupulous people to capitalize and cash in on this instant gratification craze. Now when you turn on the news, you hear of forex scams, fake weight loss products, photoshopped travel photos, etc. all because people want instant results.

Little drops of water make a mighty ocean  

We always see celebrities like Elon Musk, Christiano Ronaldo, Sarkodie, etc and let’s face it we sometimes wish we were them; the flashy cars, the fans, the mega-mansions, etc are all romanticized by the media but what they (the media) never tell you is the years of hard work, destroyed relationships and many failures before they reached the stage they are today. For Instance, Elon Musk failed in his first three rocket launches before he succeeded in launching his Falcon 9 rocket. What I want to say is that when starting, aim to achieve incremental success don’t only focus on your end goal because it takes many years of hard work to achieve overnight success.

Stop comparing yourself to others

This is one thing many poultry farmers are guilty of. Try interviewing a couple of poultry farmers and ask them the number of birds they have. You would find out that most of them have inflated their numbers just to impress you and give themselves a false sense of accomplishment. But this is not entirely their faults because they see colleagues with massive farms with thousands of birds and wish they were like them but they forget that other successful farmers once started the same way as them or probably worse.

How to set yourself up for success

  1. Take a one-year internship: Perhaps, you want to start a poultry farm but don’t have enough money, first, volunteer to work for free for one year for an experienced poultry farmer. Trust me, you are going to learn a lot and these skills will serve you well when you establish your venture.
  2. Find a poultry farming-related job: After you have finished with your internship, you would probably have gained the job experience necessary to find a job. Stay at the job for at least three years so that you’ll gain even greater experience. While working, make sure you live a minimalist lifestyle and save as much as you can.
  3. Start your farm: Use some of the money you have saved up to buy a plot of land and start something small. In this post, https://tinyurl.com/y89x74p8 I have explained a simple way you can start with a relatively small amount of money.
  4. Seek funding to expand your farm: Once you’ve gained all the necessary experience and have committed a significant portion of your own funds into the venture, it is very easy to raise funding from friends and family to acquire new day-old chicks, feed and other equipment. Now you could consider yourself a fully-fledged poultry farmer. Congratulations!

How to Evaluate the Financial Performance of Your Poultry Farm

Introduction

In a previous blog post, I discussed some ways in which you could properly manage your finances but in this episode, I would like us to discuss how to evaluate your farm’s financial performance so that if something is going wrong, you could easily correct it.

Why you need to understand your financials

Try this simple experiment. Go around your area and ask 10 poultry farmers about the exact amount of profit they made the previous month – don’t be surprised if only of them gives you any reliable figure. Sure, you could always hire a bookkeeper or accountant to help you with this but imagine you want to seek funding from investors and you cannot even answer simple questions on the profitability of your farm, who do you expect to take you seriously?

The three most important financial statements

Now that we all agree it is important to understand our financials, let’s go into the three most important financial statements: the income statement, statement of cash flow and the balance sheet.

Each of these financial statements gives an entirely different picture of your farm’s financial situation. For instance, your income statement may show that you have sold 200 broilers to a local restaurant. So, at the end of the period, you may record a profit but your cash flow statement might tell you that you haven’t yet received the money for the number of birds you sold. And we all know that cash is king in business, therefore, all these financial statements must be integrated to tell you the full story of how your business is performing.

Income statement in greater detail

The income statement is a record of how your business performed in a given period usually during a month, a quarter or a year. In the income statement, you have records of total revenues and total expenses. As a poultry farmer, sources of revenue include the sale of eggs or broilers. On the other hand, expenses include wages, veterinary visits and fuel costs.

The difference between your total revenues and total expenses is what is termed net income. If during the period, your revenues exceed your expenses, you have made a net profit but if the opposite is true, you have made a net loss.

Statement of cash flow in greater detail

The cash flow statement is very important because it gives you a clear description of how much money is entering and leaving your business. For instance, if you want rear layers and make proper cash flow projections, you will realize that it takes layers at least 4 months before they lay any eggs – this means you must understand that cash will be flowing out of your business without any return for approximately four months. Having this knowledge will help you understand the amount of money you need to raise to run your business.

Balance sheet in greater detail

I can bet my life that some of you were wondering why I forgot to mention feed as an example of an expense. Well, you are neither right nor wrong, let me explain; Due to the high cost of transportation, poultry farmers usually purchase their feed in bulk, therefore, you shouldn’t assume that feed is something which will be consumed immediately.

Here, the feed is considered an asset because it will be consumed gradually by the birds to produce eggs or meat until the feed is depleted. So after a period, usually after one month, the accounts are adjusted and the feed which was consumed accounted for. The amount of feed consumed in the period is what is known as a feed expense.

Furthermore, you should understand that all assets of your business are either derived from a liabilities or equity which is why in the “accounting equation,” assets always equal the sum of owners’ equity and liability. For example, cash is an asset. How do businesses obtain cash to run their operations? They either invest their own money, obtain cash from customers, or go for a bank loan.

Equity refers to the share of assets belonging to the owners while liability refers to the share of assets belonging to creditors, customers, etc. So if your cash flow statement indicates that you have GH₵20,000.00, that money doesn’t necessarily belong to you alone as you may be owing your bank or you may have collected money from customers for goods and services you haven’t yet supplied.

Below are the Feb 2020 financial statements of our fictional company, PKOM Farm:

From the table above, total revenues for February was GH₵ 1,769.00. Furthermore, operating expenses for February totalled GH₵ 1,887.60 representing 107% of the total revenue. The highest operating expense for the period was feed expense which was GH₵ 1,599.60 representing 90% of the total revenue. From the income statement, it can be concluded that the business recorded a net loss of GH₵ 118.60 representing -7% of the total revenue.

From the table above, it can be deduced that PKOM Farm was cash-flow negative for February 2020. At the beginning of the period, cash available was GH₵ 980.00. Since then, cash flowing into the business for the period was GH₵ 2,877.00 while cash flowing out was GH₵ 3,401.00.  At the end of the month, cash left was GH₵ 456.00.

Balance Sheet

From the balance sheet above, the ratio of liabilities to owner’s equity for the period was 0.02 which shows that the business is in a very healthy financial position and can easily pay its debts. Liabilities of the business comprise loan payable: GH₵ 80.00 and unearned sales revenue (advance purchases by customers): GH₵ 1,028.00. During the period under review, Papa K. Owusu-Mensah, owner of the business, took out GH₵1,600.00 cash for personal use leaving him with an ending equity of GH₵ 56,464.00.

If reading this article piqued your interest in starting your poultry venture, it will be in your best interest to write a good business plan. Even if you don’t necessarily have the time to write your own, don’t worry. Just send us a WhatsApp message by following this link https://wa.me/233592239127. And we’ll draft a professional business plan for you at a very reasonable price.

Are you tired of too much paperwork involved in keeping records on feed, egg collection, vaccination, mortality, profit and loss, etc.? Worry no more. We are developing a software application that simplifies poultry management. Follow this link if you are interested.

Finally, are you ready to start your dream poultry farm, but don’t know how to construct the chicken house, brood the chicks, source the right materials, etc.? Just follow this link https://wa.me/233592239127 for more enquiries.