The last few weeks have been lessons from the field.
This final installment continues with some general pearls of wisdom, themes and lessons we’ve observed from many forward-thinking, successful family farm businesses.
The top performers in most every agricultural business sector generally Walk The Talk. Whereas low performers tend to just talk the talk…as in...Big Hat, No Cattle.
Transitioning the family farm to the next generation may not always be the best plan. The “For Sale Sign” is sometimes the best succession plan…and usually much simpler. Every family is different, obviously, and every family needs to do what’s best for…the family.
Put on your business hat as often and early as you can. Your business senses will be more important than the size of your operation. “Management” makes the difference in long-term results between two seemingly similar operations. Your resources are not as important as your ability to make the most out of your resources. The captain in charge of the ship is more important than the size of the ship.
Major expansion projects require you to remove your rose-colored glasses. Understanding your worst-case scenario before it materializes is all about minimizing your losses. Developing your Plan B after-the-fact, when bullets are flying all around and chaos trumps the day, is not smart. Plan for the worst and then make sure it doesn’t happen.
Top performing businesses are ALWAYS preoccupied, anxious, worried, engrossed in (and any other word you can think of)…about the future. What’s it look like? How do we get there? Poor performing businesses focus on the past. How come? Why me? It’s often a pity party. The past is the past. Focus on the future.
Know Your Numbers. Know Your Business.