Your operation’s numbers. The key thing to help your operation reach financial success is to know and understand your operation’s financials inside and out, and update them regularly as the numbers shift and change. Every decision that you make needs to run through those numbers to see how it will impact the operation. Some key numbers, such as your crop break-evens, need to be updated frequently so you can use them as part of your marketing plans, for example.

The US/global picture. Staying on top of information around what’s happening in the factors that impact agriculture and move the ag markets is also key. It’s true that there’s so much information out there today, and sometimes trying to gather it and make sense of what it all means for your operation can be a big task. You can get a free two week trial of our marketing information service, MarketView Basic, which includes frequent audio and video market updates.

Analyze the right data. The right data or information for the situation will depend greatly on the type of decision the farm leader is making. If you tend to be very analytical, beware of getting stuck in “analysis paralysis” while working with this key piece. However, if you tend to be less of a number cruncher, you may want to devote more time and attention to this part or work more closely with your lender or financial advisor to get a critical look at the numbers, especially for high-dollar decisions.

Check in with your gut. While it’s likely not a good idea to act purely from your intuition or a “gut feeling”, it can be helpful to stop and ask yourself what your gut is telling you. Running decisions through this filter can be a good way to check in with your farm’s values and your personal values as well, to make sure the decision is consistent with them.