There’s Nothing Wrong With A Hobby
The Ranching For Profit School is intended for ranchers. But every year some people who want to get into ranching attend the class to build a business plan to test the feasibility of pursuing their dream. A week hasn’t gone by in the last couple of years when I haven’t had an email or phone […]
Top 10 Challenges In Ranching
In the last ProfitTips I asked you to share the challenges you face in ranching and share you did. Here is your list of the top 10 challenges facing your ranch: #10: We have a victim attitude We will never succeed if all we do is blame others for our failures. Self-proclaimed victims abdicate […]
Read MoreFool Me Once
Life isn’t a fairytale. Sometimes regardless of how good our idea is, how well we listen, how well we prepare and plan, we still run into a brick wall of resistance. Sometimes we don’t all live happily ever after. I’ve had more than one ProfitTips reader write me to ask, “What now?” The answer is […]
Two Legacies
Legacy is a powerful concept. Perhaps that is because we see our legacy as a form of immortality. In some families it has survived generations now long gone. Many people I work with feel a deep obligation to carry on the family’s legacy. A family’s legacy can be rich with meaning and a powerful source […]
Read MorePay The Damn Taxes
In The Ultimate Legacy, Dr. Don Jonovic says that the most critical issues in an estate plan are: Who will run what? Who will own what? How will you make sure you have the capacity to pay the taxes so that the first two things can actually happen? The transfer of authority can be […]
Pay Me Now or Pay Me Later
Abby of Dear Abby, passed away last week. I don’t intend to take her place dispensing relationship advice, but I do get my share of Dear Dave letters. Here’s a Dear Dave inquiry I had last month: Dear Dave, We have a problem. Our ranch manager is a family member but does not have […]
You may own your job if…
In the last ProfitTips I asked you if you owned a business or a job. I offered Robert Kiyosaki’s criteria from his book Cash Flow Quadrant: Could you leave for a year and come back to find your ranch working even better than when you left it? If so, Kiyosaki says you own a business. […]
What’s Your Profit Target?
A Ranching For Profit School alumnus was talking to me about his financial goals. I asked how much profit he wanted to make. He told me he figured he needed $20,000 to live. I reminded him that his salary or draw must be deducted as an overhead cost before calculating profit. I asked […]
The Profit Tree
There are only three things anyone, anywhere in any business can do to increase profit: Decrease the overhead costs Improve the gross margin per unit Increase the turnover (the number of units) Only one of these three things is the most important at any particular time. If high overheads are the problem, increasing production […]
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