Four Questions to Ask for Optimizing Your Operation for the Future Date: 10/7/2015 12:00:00 AM Author: Compeer Financial Educational Opportunities: Articles Home > Education & Events > October 2015 > Four Questions to Ask for Optimizing Your Operation for the Future Share: On the farm, rainy days can mean the luxury of taking some time to think about your operational goals and positioning. These four questions can help you evaluate where you are currently, and figure out where you want to go next. Do you know what your competitive advantage is? If you can’t point it out, you may need to sit down and assess your operation using your records. If you don’t have the records, you need to work towards improving them to the point where they can show you your advantages and areas where you have room for improvement. The best in class are continually using information to make changes to their operation. Without the records, how do you know you are actually making changes to the right areas? Is it time to rebalance your debt? Coming into harvest we’ve all been pretty optimistic about yields but will the yield bump have a big enough impact on the operation that rebalancing some of your debts won’t be necessary? During tight margin times your goal may be self-preservation or preparing to take on opportunities. Depending on your financial position, a rebalance of your debts may help you reach your goal. How are your relationships with your landlords? As more land changes hands, whether due to competition, retirement, or death, there is always room to improve your relationships. It may be a simple phone call giving a harvest recap of their ground, checking in on how their family is doing, or even creating a relationship with the next generation so when they take over the land they will know you are interested in continuing to run the ground whether through purchase or continuing to rent. How can I reduce my costs? You’ve probably thought about this a lot, but have you taken actionable steps towards doing this? Every dollar you can save is going to help, it may not seem like it’s worth the time and effort to ‘shop around’ for seed, fertilizer, etc. but from what clients are telling me there are ways to cut costs that add up to big savings. If you’re out in the field invite your Compeer representative ride a round or two with to you-multi task. They’d appreciate a break and would love hearing about your future plans and goals. Comments There are no comments. Leave comment Name: Email: Comments: Enter security code: Compeer Financial - Specialist Advancing agriculture and rural America Articles Don’t Trust Your Rural Dream Home to a Person Behind a Screen Articles Steel Sided Homes Articles Cost of Production Basics for Financial Management Articles What is my Ag Lender Looking for?