In Alice in Wonder land, Alice asks the Cheshire Cat, “Would you tell me, please, which way I ought to go from here?” The Cat responds, “That depends a good […]
Finding the time to effectively work on the business (WOTB) is probably the single biggest worry people have leaving the Ranching For Profit School.
We have our end of the year tax appointment next Monday. That reminded me of a ranch I visited a few years ago. The owner’s son showed me around. As we pulled out of the yard we passed a big aerator they’d bought to crush sagebrush.
Dan Airely, a behavioral economist at Duke University conducted a silly experiment with serious implications. The experiment involved money, Coca Cola and college students.
We tend to build our businesses around the exception rather than the rule. If an office in town managed their business that way, they’d have fire trucks circling the block 24/7 because, after all, someday a fire might break out.
An Idaho rancher wrote me an email asking for my advice on how to navigate a collapsing cattle market and an unpredictable future. He asked, “What do you do when money is tight and the future is uncertain?” Our natural reaction is to tighten our belt and try to ride out the storm. But is that the best strategy?
Asset rich and cash poor describes the financial reality of most ranchers. The advice we get on making range improvements usually makes our financial situation even worse.
In the last ProfitTips I wrote about a young RFP alumnus who was concerned that unless he shook things up, he’d get stuck in a rut. I challenged him that maybe the rut he was worried about was actually his groove.
Last month I met with a young Ranching For Profit alumnus who had accomplished some big things in a short time. He was leasing several ranches and running hundreds of cattle and, if I remember right, about a thousand sheep. “I don’t want to get stuck in a rut,” he explained, and said he’d take on anything that could make a profit.
Most “ranch managers” aren’t managers. They don’t do the work of a manager, they don’t produce the results a manager would produce and they aren’t paid what a manager would get paid. The result isn’t just poor management. Most American ranches aren’t managed at all!
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