Tag: build a successful business

It Doesn’t Matter What They Want

Earlier today someone called me asking for advice regarding a bid he was about to make for a property he wanted to rent. The property could support 200 cows from May to October and the term of the lease would be 10 years. He hoped that I would have some knowledge about rents in his […]

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An Hour A Day

I asked a group of our clients what difference it would make to their operation and their life if they had an extra hour a day of productive time. Most folks said they’d get more done, or they’d get the same amount done but feel less stress doing it. Then I reframed the question, “Instead […]

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What Does Mom Want?

We use a process at RMC to help families and business teams create a shared vision and a plan to achieve it. We start by asking a very basic question: What do you want? Each participant answers individually by writing several short statements describing how they’d like things to be in three to five years. Once […]

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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 […]

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Don’t Hire People To Work

Most of us hire people to work.  We write job descriptions telling them to do this or that.  But what people do and how long or hard they work is not important.  It is only the means to the end. The end is the results they produce.    As an employer you would be well […]

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Surgery with a Chainsaw

Ranching For Profit School instructors work with people in the evenings after class to help them apply the tools they learn in the school.  A lot of people take advantage of these sessions to project their stock flow, calculate enterprise gross margins and project profit or loss for their ranch. When you throw in the […]

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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. […]

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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 […]

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Hard Work Isn’t All It’s Cracked Up To Be

The best day of my life was the day my first child was born.  He was delivered through an emergency C-section.  I was surprised when they invited me to scrub up and be right by Kathy’s side as the doctor made the incision and gently lifted Jack out of her body.  I don’t think I ever smiled so […]

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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 […]

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