Speaking for myself, the past year has been fun. Conversations have mostly been positive with profitability gracing all segments of the cattle business. However, the constant talk of the cattle markets and market volatility has put a lot of anxiety into decision making. I have found myself trying to be a steady voice in consultations with producers, reminding them that a little better is still better.
Especially with record prices, I find dreams getting big and ideas running wild. A lot of things can look appealing with only a pencil and paper. The same can be said for the keeping up with the Jones’ mentality. Social media can be a useful forum, but it can quickly distract you from your own goals and your own priorities. Often, there is so much information available at our fingertips that it can pull us away from our own original thoughts and ideas.
My aim while writing this is not to discourage dreams or new ideas. That is the fuel for the future, innovation, and change… however, making big decisions at market highs can have significant consequences if not planned appropriately. This message is not new. But can we hear it enough?
It is easier to say all this than put it into action. Having an understanding spouse, a farm advisor, or a producer network that you can utilize to aid in making profitable decisions is a huge help. Your ranch needs a team. Build your team with people that bring value and a positive mindset. Listing on paper and then vetting top priorities to better the farm or ranch can be a great exercise. Focusing on the top priority before addressing others can improve follow-through, the “one thing at a time” approach.
I feel that record prices bring a sense of urgency to most people. Inherently, they know that high prices won’t last forever. So, they rush to spend on improvements or fulfill their long-awaited wants on the ranch. I have witnessed an attitude of “we need to do it now or we never will be able to.” In my opinion, this is the wrong approach. Being committed to make improvements, even small ones, ever year is the key.
So, while this column may seem like a lot of talk, and short on recommendations. It is. It is a message to build your network of people that can aid in profitable decision making. Plan for improvements, with the goal of improving your farm or ranch each year. Realize and appreciate the progress you have made. Fuel your day with gratitude and optimism. Small, meaningful improvements can make a big impact on your ranch and it’s future. Remind yourself that a little better is still better.