John Ellsworth of Success Strategies, Inc. has helped us structure our business for greater success. His assistance with budgeting and bank discussions has been very helpful. We are now setting new goals for our business.
The Business Confidence Maximizer™
June 2010 Issue
Published by John Ellsworth,
© Success Strategies, Inc.
People love to be offered options in life, up to a certain point. Unfortunately, if they are faced with too many options or ones that they do not understand, the choices available to them become overwhelming. Actually, that may describe the current situation with Milk Options. There are so many options available that the choices can, indeed, be confusing. In November 2009, I wrote an article for the Western Dairy Business publication that centered upon what I felt were the “Top 10” steps to take in preparation for the coming year.
One of the most critical of these steps is the development of a Milk Marketing Plan. This is an absolute must today, particularly with the increasing amount of volatility and fluctuation in milk prices. Understanding your break-even price level and knowing how to position your business to achieve that price will continue to be essential to your financial future. Get involved in your own marketing plan by working with an options broker that you trust. He or she can be invaluable to your business.
Recently, I also had an opportunity to moderate a panel of Agricultural Lenders in a discussion on the availability of financing. One of the recurring themes that seemed to surface was the issue of whether or not a producer should be using milk options, also known as Puts and Calls, in the management of their dairy business. Their response was unanimous.
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