Financing decisions to help ensure a better future

We’ve almost made it to the end of 2009, and there aren’t many in the dairy industry who will feel sorrow when Auld Lang Syne plays on New Year’s Eve. There are some steps you can take in this economic downturn to help ensure 2010 is a better year, Dairy Herd Management reported in its Dec. issue.

1) Work with your banker on refinancing and business planning.
2) Cull strongly.
3) Use zero-based accounting to evaluate every purchase.
4) Bond with your nutritionist (aim for “best-cost” rations that do not decrease production).
5) Don’t cut corners or underestimate values.
6) Develop a sound marketing plan.

Click here for more information on what you should take into consideration when making financial decisions.