March 17, 2023
Last week we ‘sprang’ into Daylight Savings Time. It’s a good time to ask: what are you springing into for your farm this year? How are you moving forward? What do you want to do more of, or less of, or differently? Here’s a few ideas I’ve heard:
Laser focus on increasing revenue, from the philosophy that it’s easier to increase revenue than decrease cost. Thus, ideas like more consistent focus on daily crop marketing, execution on yield strategies, making time for more custom work, etc.
Getting the extra edge by improving marginally. How does a 1% increase in yield impact your revenue? What about 5%? Quantifying the goal can help you focus on the last mile.
Proactively managing debt and cash. Given interest rate changes, are you using your Line of Credit most efficiently? Are you putting spare cash to work every day with tools like a sweep account?
Making your farm a great place to work. In today’s very competitive labor market, how are you distinguishing yourself from other work options. It’s not all about pay; people seek reasonable flexibility, a place they feel appreciated and part of a positive culture.
Less family conflict and/or drama infecting the workplace. If you or your partners are stressed, know that it spills over to others. Have the hard conversations you need to have and make an action plan.
Now that you’ve adjusted all the clocks, take a moment to make your own ‘move forward’ list.
Davon Cook is a family business consultant at Pinion. Reach Davon at [email protected] The opinions of the author are not necessarily those of Farm Futures or Farm Progress.
About the Author(s)
You May Also Like
Restoring forests, promoting beef biosecurityMar 31, 2023
9 steps to stay safe around pesticidesMar 30, 2023
Will South American weather spark corn market rally?Mar 30, 2023
WOTUS repeal bill goes to presidentMar 30, 2023