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.
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We’ve talked previously about setting goals! There are benefits to being prepared for crises that can occur in your business. We need to have a plan in place for these types of challenges.
Futurists Jim Taylor and Watts Wacker, in their book The 500 Year Delta, stated that every business should develop a “Disaster Agenda”. While all of us are faced with negative challenges and nobody wants to dwell on them, we would be well served if we have given these situations some forethought. This is true for a crisis that might occur in any part of your operation: herd health, nutrition, facilities, management, or finances.
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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.
Subject: Simply – Win!!
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Win! That is what we do when we clearly establish the items that are most essential to be completed right now, also represented by the acronym WIN, “What’s Important Now?” Recently, I was working with one of my clients to determine how many of their 2009 objectives they had accomplished. They were amazed that each and every one of their goals and objectives had been accomplished! They also had “dodged the bullet” on all three of the “worst possible events” that they had estimated could happen during the same time period.