Finding What You Look For
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses” is an Abraham Lincoln quote that I think about nearly everyday. To me it’s all about life’s perceptions and choosing your mindset. We get to choose our attitude. I have noticed this in multiple situations, and more and more as […]
Read MoreRepairs Save Money?
Preventative maintenance on the ranch is easy to overlook, and it can be costly. Costly in dollars to actually fix whatever needs fixed whether it is fence and corrals, water tanks, or the farm machinery. As well as costly in finding the time which is nearly impossible; but why hire someone to do something that […]
Read MoreLagging vs Leading Indicators
“When we choose the wrong measurement, we get the wrong behavior” (James Clear, Atomic Habits). At the Ranching for Profit School, we talk about how paradigms, actions, and results are related to ranching. These concepts look hard at why the business does what the business does. First let’s talk about money. A very common financial […]
Read MoreIs Opportunity Interest, Real Interest?
An opportunity cost is the lost benefit of choosing a different option. The opportunity cost of going to college is losing out on four years of wages; the true cost is tuition plus lost wages. At the Ranching for Profit School, we include opportunity interest as a cost on owned livestock herds, because there is […]
Read MoreWorking Backwards
One of Stephen Covey’s seven habits of highly successful people is to “start with the end in mind.” We use this a lot at our Ranching for Profit School, particularly during the evening coaching sessions when students are preparing their economic numbers. The Ranching for Profit economic model breaks down a business into gross margins […]
Read MoreFeedback Loops to Aid Decision Making
If you were to come upon a car wreck, which turns out to be your neighbor with terminal cancer, would you worry about their next chemo appointment? Probably not, your first concern would more likely be CPR or stopping the bleeding. This is about the extent to which we generally discussed the feedback loop at […]
Read MoreMission Before Profit
Successful businesses have mission and vision statements. This allows planning and decision making easier for managers and owners. These statements are posted on websites, above the front door, and in the break room to keep reminding us why we are there, and why the customers are there too. The mission is the purpose of the […]
Read MoreHow to Communicate with Your Team
I think it is safe to say that most ranchers love ranching because they are surrounded by animals more often than people. However, it is critical that ranchers aka business owners know how to communicate with their human team effectively. Before we start, let’s remember two important elements: one is to treat your ranch/farm like […]
Read MoreTop 10 Tax Preparer Conversations
I just finished my first round of Executive Link meetings. In addition to being a facilitator I also presented the continuing education session where we dug deep into economics, finance, and income taxes. Although it can be a dry and boring topic, we had great discussions during and after the presentation. A common request from EL members was […]
Read MoreFinancial Record-Keeping, A Rancher’s Favorite Chore
Mentioning that records are a waste of time can usually start an argument, or at least get someone questioning all the hours they have spent keeping detailed records over the years. Honestly though, most records are a waste of time unless they follow Dave’s rules. It is easy to pick on the little red calving […]
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