This time of year, the ranch table is often filled with receipts and bookwork as we try to wrap up our year end finances. This can be a lot of fun if you have extra money left over and are trying to decide how to mitigate taxes (responsibly) or where to invest your extra cash. This can also be really stressful if you are short on cash and trying to figure out how to have a positive margin on your projected budget for next year. This is supposed to be the happy, joyful time of year, but for many ranchers, it is hard to set aside the stress of not enough money, the bank knocking on your door, and the possibility of non-renewal of your operating line. My advice is this: Don’t be afraid to try something new. Explore new possibilities. I understand that it is hard to make changes and take on additional risk when you are already in a high-risk situation. However, doing things the same way you have always done them doesn’t seem to be working for you. It might have worked for your dad or your grandpa, but we live in a very different economic situation as them. Things have just changed. (Not to say that previous generations didn’t have hard economic times as well, they certainly did, but these times are just simply different.) Be willing to explore different options. For many, you likely own land. There is a lot more you can do on that land to generate revenue than to just own cows. This can be scary, but sometimes you have to do what is necessary. Just food for thought!
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