Tools for Profit
Evaluate debt wisely
It's apparent that the pork industry has focused more on the business side of management than the dairy industry. Terms like "competitive position" indicate that for pork producers to be profitable in the next century, they must continually improve and reinvest in the business. Shouldn't the same management goals apply to dairy as well?
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Consider these retirement options
Whether you currently own a dairy or work on one, choosing the right retirement plan to establish or participate in can be a difficult decision. With so many farmers working well beyond the age of 65, planning for retirement needs to be a priority at a younger age, although it is never too late to start.
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Begin thinking marginally
With milk prices significantly lower this year, dairy producers must do everything in their power to generate enough cash flow from the dairy to stay current on loans and pay bills. Cash flow is truly the “life blood” of all businesses.
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Installment contracts ease tax burden
If you are near retirement age and plan to sell your assets, you may be faced with an unexpected tax problem. Often times, the sale of property increases a producer’s income for that year and pushes him into a higher tax bracket and, therefore, makes him subject to higher capital gains taxes.
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Where will you be in 2003?
The government's involvement in agriculture has been difficult to read lately.
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Develop an exit strategy
Many farms must deal with the challenges of cash-flow constraints imposed by low-milk prices, increases in the cost of production and a lack of interest in the business from their children.
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Every producer should learn to manage price risk
Each year, I see the level of sophistication within the dairy industry increase as producers learn to take advantage of new resources to help them manage their businesses.
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Time for a reality check
Finally, after the toughest time we have seen in this industry, the pendulum has started to swing. And many in the industry are starting to wear smiles again due to higher milk prices.
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Focus on family during stressful times
Whenever I speak to a farm audience, I remind everyone that farms can be replaced.
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The power of 10
I found the book “10-10-10” when looking for employee-motivational materials. Conceived and written by Suzy Welch, this concept provides a framework in which nearly all decisions can be structured.
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Invest in employee education
I recently reviewed my staff’s educational needs and developed a plan that would increase the employees’ knowledge base and responsibility level.
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- Will Smith dethroned in latest Peterson Farm Bros. parody
- U.S. 2012/13 corn export prospects cut as global trade boosted
- Feed grain supply prospects lowered on delayed plantings
- Corn conditions a tad better than last year
- Brent crude oil dips before U.S. Fed meeting
- Grain markets proved mixed on Monday
