Tools for Profit
Sell or rent?
With depressed prices decreasing profits, many older dairy producers are contemplating retirement. These producers have probably planned on selling their farms to raise the money needed to cover their living expenses during retirement.
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The complacency malady
The dairy industry will most likely remember 1999 as a year of high profits and increased expansion. However, for many producers, this year of good times also has brought a sense of complacency when it comes to financial planning, herd and employee management.
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Now is not the time for team cuts
The easiest cut is that big line-item, management-team cost. This is a cut that does not show immediate results, but can have a big impact on your business.
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How to determine employee raises
Winter is the time of year when many employers discuss raises with their employees.
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Deal or no deal
The price increase of corn during this harvest season has taken many people by surprise and has dairy producers wondering what the future holds.
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Consider an ESOP for business succession planning
As a farm business owner, your business is probably your most important asset and a substantial source of wealth.
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Gauge the impact of higher interest rates
The last couple of years have been good for dairy producers. Milk prices remained strong throughout 2004, and generally favorable milk prices continued through most of 2005.
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3 ways to foster business success
I have had plenty of opportunity to observe both success and failure in family businesses. Here are some of the keys to success I've learned in my 38 years of practice.
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The fourth ingredient of succes
Success in business comes from three essential ingredients: a product, a marketing plan and sound financial management.
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Evaluate your financial health
When was the last time you assessed your financial health? Unless you ask the right questions and track results, you are merely guessing at how your business performs. In today’s volatile marketplace, you have to do better.
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A new player in town
There’s a new player driving up the cost of corn. And from the looks of it, Mr. Energy is here to stay.
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- Global food: waste not, want not
- Heat stress in dairy calves
- AFBF president issues statement on U.S.-EU trade negotiations
- Buckle your seatbelt for the House consideration of the farm bill
- Study: Federal milk marketing order would help Calif. producers
- Ag markets were generally mixed overnight trading
