7 WAYS TO HAVE FINANCIAL PEACE IN FARMING IN BUSINESS
INTRODUCTION
Learn MoreFinancial peace is very important in any business including farming. Without financial peace in business, the result is slavery, frustrations and failures upon failures. In my over three decades in the farming industry, I have seen a lot of farmers that lacked financial peace. As much as possible, farmers should always work towards having financial peace in their businesses. I want to share with you how to have financial peace in your farming business.
1. Develop your own “power over purchase”. I often tell farmers that this is a buyer’s world. So, they should exercise their rights in buying right. Before you commit your money to buying anything ranging from stock to other inputs, make sure you get the best deal in price and quality. In personal purchases too, you should exercise the spirit of moderation and not spend your precious fund on frivolous things. This is sound wisdom.
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2. Live substantially below your income. It is good to live big and well but not at the expense of the future of your farming business survival and growth. I think using loans to buy new cars and other toys have destroyed many farming businesses in Nigeria. It is always very tempting to live above ones income, but a wise farmer will consciously avoid this in the coming year and beyond for financial peace.
3. Sacrifice now so you can have peace later. The law of sacrifice must be obeyed tenaciously in order to become rich in any business including farming. You must sacrifice time, energy and resources to secure financial peace. Always check areas where you can make sacrifices and do it no matter what anybody may say. You will surely reap the bountiful rewards.
4. The borrower is servant to the lender- so beware.* Getting loans to do better and bigger businesses is desirable but I have seen many farmers suffered greatly because of mismanaged loans. Before you enter the dangerous nets of hungry bankers in Nigeria with their overblown and unrealistic interest rates make sure you know what you are doing so that you can have financial peace.
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5. You must save money. The adage that says save money today and money will save you tomorrow have been working for me over the years in all my businesses. To have financial peace, you must save money. commit yourself to saving money every month no matter what and no matter how small it may be. This is sound wisdom.
6. Develop strategic partnerships and alliances with people in the farming industry.* It is sad to note that many big businesses in the farming industry today will soon be overtaken in the coming years. Why? Because many of them are not willing to flow with changes in the business world. This is the age of joint ventures and strategic alliances that can leverage on your experiences and strength for more businesses, profits and growth.
To have financial peace , stop doing things alone and seek and be opened to strategic alliances for promising advantages and robust fortunes. This is how to smartly reap from your past labours.
7. Plant seeds – give money away to worthy causes. This is spiritual marketing at its best. Many business owners don’t understand this wise counsel but if you check well the farm businesses that are thriving and blossoming today, you will see a lot of charitable causes and community philanthropic initiatives on a continual basis. I always tell farmers in all our seminars that one of the fundamental laws of farming success is to be a blessing to the community where you locate your farms.
CONCLUSION
There is nothing like having financial peace in business and life. I want you to work on the ideas enumerated above to engineer your financial peace
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