4 ways to solve money problem in your farming business
- LEARN TO SAVE MONEY CONSISTENTLY NO MATTER WHAT
Here is the truth: save money today and money will save you tomorrow. You must learn to save money on a consistent basis if you really want to enjoy any business including farming. The temptation is always there to spend all that you earn in business, but this is the road to bankruptcy. Find ways to save money automatically daily or weekly or monthly. Automatic savings is one of my greatest secrets in mastering money. I believe in the axiom that says penny saved is penny earned.
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- LEARN TO CONTROL OR ELIMINATE WASTAGE
Wastage mania has destroyed many farming business. We are all prone to wasting resources especially when it is not our own. You must make sure that your farm workers are not wasting your resources by setting rules and boundaries. Decisive penalties will be necessary in most cases to make sure that people are not wasting precious resources in your farming operations. Never forget that your fortunes can go down the drain when wastage is rampant in your farming business.
- LEARN TO CONSTANTLY REINVEST YOUR PROFITS
This is a great secret of wealthy and successful farmers. I remember the late Dr. Olatunde Agbato of Animal Care Konsult who vehemently stated that this is one of his secrets of success in farming business. Unless you can consistently re-invest your farm profits, you will not have a growing farming business. Remember that a business that is not growing is actually dying. There is no middle line!
- LEARN TO AVOID DEBT AS MUCH AS YOU CAN
Do all you can to avoid debt and if you can’t, make sure that you incur only good debts. As you know, good debts are the debts used to purchase assets that will yield good returns. Never use loans to buy liabilities. This may ruin your farming business. Some farmers got loans and bought cars for members of their families. Loans should be used judiciously to grow your farming business and make more profits. You should insist on this no matter the temptation to do otherwise.