Farmers should revere cash flow as they prepare for a life of tighter credit and banks adhering more strictly to lending policies.
That is the reality after a decade of access to easy cash and sweet deals, helped in part by banks and financiers wanting to get a slice of rural business.
The banks will not say it openly, but well-placed sources say some are looking closely at their exposure to the sector, and at least one is understood to be increasingly shifting that exposure from farming to the booming economies of Asia.
Craig Wyatt, a partner with Dunedin chartered accountants Harvey Green Wyatt, said banks were placing a greater emphasis on cash flow to ensure the business was stronger.
The appreciation in land values in the last few years gave banks some comfort their lending would be covered, but Mr Wyatt said that was now changing as land prices fell.
"Now it is all being driven by cash flow," he said.
Banks were also requiring lenders to repay principal, a departure for some from an interest-only basis.
"The banks are saying we need to look at principal repayments, whereas in the past they have not pushed that as an issue."
Mr Wyatt said banks may not have changed their policies, but he said they were adhering to them much more closely than in the past, and that could affect the structure of future investments such converting farms from sheep and beef to dairy.
Previously many of these projects had been funded within a family business, but tighter credit lines could mean other investors were needed to fill any cash shortfalls.
Mr Wyatt said he had not had a client's loan declined application, but more work had to go into applications because banks were scrutinising requests more closely.
"If you are well sorted, [have] good cashflow and good information, the banks are still there to do decisions for you, within bank guidelines," he said.
Banks spoken to have played down how they will assess and monitor loans in the future, but it does appear at least some are demanding greater disclosure from farmers and evidence that governance, systems and structures were in place to oversee projects, such as for dairy conversions.
Banks appear to be less tolerant of cost overruns, after being burnt by stories of multimillion-dollar blowouts.