Managing a Farm Business 02/01/05 8:55:20 AM
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1. Plan for a profit. If you don't plan for it, you won't achieve it.
2. Cash Flow -- budget before you act.
3. Manage pennies first, then the dollars will take care of themselves.
4. If you are not paying taxes, you are not making a profit.
5. Have written goals to direct your career.
6. Manage your farm -- don't let it manage you.
7. Good records take the "gut feeling" out of your decision making.
8. Pay yourself first with a long term consistent retirement plan.
9. Have safety nets in place to protect your gains.
10. Have a current business plan in place to direct your business.