Get the right numbers in place. As a farm leader, you know how important it is to have the right data and information at your fingertips. Without good data, it would be tough to make the best possible decisions for your operation. For large purchases and other big financial decisions, it’s key to have accurate, up-to-date numbers that show you the full picture of your operation’s financials. Run feasibility studies and scenarios to get a good understanding of how a certain decision will impact your overall operation. This helps you get a clearer future view of how the operation will be affected if you make a particular decision.

Look at alternatives. When there’s a big financial decision to be made, make sure you know your options first. The first idea that comes up might not necessarily be the best one or the right one. Also make sure to consider what things would look like if you chose to do nothing or to delay a decision. Learn what the impact of those choices would be. Taking time to do this can help remove some of the emotion from the process and help you think more broadly about the full array of options. It can lead to more creativity and better solutions.

Get a partner for another perspective. Carrying the responsibility for a major financial decision on the farm can be a heavy load on your shoulders. It’s vital to have a team or someone you trust to talk through options, bounce ideas off of and get another perspective as you work to make the best decisions. At times when you might be drawn toward making a decision based mainly on emotion, they can help you return to your operation’s numbers and talk through the options and alternatives that are available. It can be especially helpful to work with a partner from outside of your operation because they can bring a more neutral, third-party perspective to the table.