John Ellsworth of Success Strategies has been an instrumental part of our Management Team and our positive financial results.
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An important aspect of dairy farm profitability is keeping your expenses in line. Here John provides some insights into how to do this effectively.
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Given the difficult state of the dairy industry, lenders might, in some situations, be taking longer to make their credit decisions. Is this truly a tough year? YES!!! Is it the end of the world? Hardly. Is your loan renewal taking longer than usual this year? Perhaps, but so are the renewals of many other dairy farms.
Do you feel like your lender is being tough on you?
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One of my favorite business quotes is Jack Welch’s: “Face reality as it is, not as it was or as you wish it were.” I recently read an article in Inc. magazine written by Adam Hanft that was entitled, “The Risk of Doing Nothing.”
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This is a question many people are asking. I believe it’s something we need to be looking at regularly. As far as when you should fix them, that depends on many factors.
* Are you planning to stay with your current lender?
Are there any Prepayment Penalties? They have committed to investors to pay a fixed rate on their funds. Thus, you will likewise be committed to the bank.
* Will you be increasing your loan amounts soon?
Be certain that this doesn’t impact your rates. Often, they’ll set up fixed rates on portions of your loan at various maturities.
Use the following questions on the financial analysis of your business. The first question, “What is our current performance?” In the area of finance, we would naturally consider measures such as profitability, cash flow and debt service coverage. Many of us study expense items when our revenue is lower, as in 2006. I would challenge you to review these line items in the good times as well. It is easy to let costs slip upward when there is less downward pressure on milk prices and cash flows.
