In Chyos we trust.
We will improve the farm just as much he's going to provide us options to do so. And there is certainly quite the amount of possible improvements to make with little work effort, but allowing players to not only greatly increase profits, but also decreasing money spent on wages.
Sure, MC could find a book about farming in the university or monastery, but I am quite affraid Penny is illiterate. But it's not like she needs one anyway. She certainly knows a lot, but doesn't have time, nor resoruces to simply do it.
Well, technically speaking, we already have rabbits being in the coop near Emily's house, but it's rather unused and undeveloped feature as of right now. Allowing Penny to take care of them, moving the coop or adding another one near Penny's house, would be certainly a good way to generate some serious income, as selling thier meat and fur is quite the money making business early game.
Well, Penny is paying workers more, becuase thier living conditions are but only a bit above primitive. Improving thier living conditions, providing them with new, or even better quality, tools and proper working clothes instead of simple rags would be certainly a good way to decrease thier payments.
As for MC's mercenaries, they are getting thier wage no matter if they work or not. At least putting them to guard work ain't making thier hands idle to cause troubles around camp and Arenfield.
Dogs would be certainly useful idea to increase security without having to pay too much. After all dog doesn't require wage, but provisions and care. And if would be nice if MC could have one too, to aid him in battle, but also to help him hunt small game until he's going to learn how to make traps.
Fences are but only useful to mark borders and keep animals at bay. Won't stop thieves and brigands from a raid. At least not without having some serious height and ditch in front. And I don't think baron is simply going to allow to fortify Arenfield with palisade, even only if partially on that side of village. On the other hand, he doesn't really care about what is happening in the village as long as money and power are flowing into his pockets.
But Coldstones are rather hard nut to crack, as they ain't simple case of a rival landlord to win or buy, but a dark plot hidden under simple farming industry.
That would certainly be helpful in managing our time in making profitable buisness out of farm instead of throwing gold from MC's pocket, even if money is overflowing from it.