From the First Pioneer Team of 225 Farm Business Professionals
| #10 | Consider
fixed rates: "NOW is a great time to discuss fixed rates and refinancing options with your loan officer. If you have vendor or third-party mortgages, give us a call TODAY. Our rates are much LOWER!" |
| #9 | Use
good financial numbers: "I tell customers the same thing I tell loan officers about analyzing a business: get good numbers, analyze the numbers, then BELIEVE the numbers!" |
| #8 | Think
globally: "Make time to think globally. The better we understand agriculture throughout the world, such as in Brazil and Europe, the better we will understand the fundamentals of our own markets and pricing." |
| #7 |
Say "Thank You" to your employees: "Remember to say thanks to your employees for doing a good job. Most people crave recognition for their efforts. A simple "thank you" takes very little effort, and makes your employees feel good, be more productive — and even stay with you longer." |
| #6 | Hold
regular business meetings: "Hold regular business meetings — weekly — with all employees and owners. Have an agenda. Discuss priorities, business results and what's coming up. Ask for input from everyone. Build your team!" |
| #5 | Annual
Financial Budget: "Create and follow a budget for better business results. A recent study confirmed that dairy farmers who regularly prepare a business budget statistically earn more and achieve a higher return on their investment than those who don't." |
| #4 | Be
selective about capital purchases: "Every business has a limit on how much debt it can handle. A loan for "must-have" equipment may make financing that unanticipated "really-must-have" equipment very difficult next month." |
| #3 | Think
of suppliers as partners: "Establish good working relationships with your key suppliers — including your credit supplier — and don't just focus on price. Quality product, consistent supply and timely delivery are equally important." |
| #2 | Invest
in a SIMPLE Retirement Account: "We truly wish we could encourage more clients to save for retirement, such as investing in a SIMPLE retirement plan. SIMPLE plans are so easy to set up, and they require no extra tax return. You can sock away up to $6,500 tax-deferred, in addition to your matching percent. Be sure to invest in a diversified fund." |
| #1 | Have
a simple business plan: "Set several concrete goals for the year, write them down and review them frequently." |
Need some assistance making these tips work for you? Contact us at info@firstpioneer.com for advice on how you can make these tips work in your business.
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