Things to keep in mind in the new year
Here’s some early year thoughts relative to farming, ranching, agriculture and life in general.
Goal Setting: We all understand the importance of setting goals. Putting that into practice is often a different story. Let’s make it simple!
1. Write down three goals or objectives (consider a short, an intermediate and a loan-term goal)
2. Prioritize your goals (either by time or importance to you and your family)
3. Celebrate your accomplishments and reload with new goals.
Rates: I think we’ve survived the peak of the latest interest rate cycle. The latest conventional wisdom from various financial and anecdotal sources suggests at least three interest rate decreases in 2024. This will be predicated on a continuing stable labor market, with steady real wages and moderate inflation numbers.
Credit in 2024: Credit can be a wise, useful tool. We should prioritize our wants over needs and, whenever possible, limit borrowing to large needs and income-producing assets. Things like housing, land, equipment and other more durable assets justify the use of credit provided they will enhance your operation and overall lifestyle.
Seek Out Professionals: Accountants and CPAs, attorneys, financial advisors and other related professionals can be a real enhancement to your farming operation. Ask about their pricing or charging methods on the front-end. Look for professionals who don’t bill for every question or for every minute when you communicate. I want people I can call and ask questions without worrying about always being “on the clock.” I respect their time and profession expertise. However, I want folks I can talk to and receive advice and counsel when needed.
Let’s Talk Customer Service: I challenge you to make someone’s day special by offering a customer, a service provider or whoever else you encounter, an incredible level of customer service. In today’s high tech/low touch environment, it’s too common to experience levels of unacceptable service. I believe in not only tipping well but letting the service provider know when I receive a high level of customer service. I believe you’re doing the provider an injustice if you tip for a poor level of service. The words “Please” and “Thank You” should never go out of style. Let’s set an example by offering an exemplary level of service when we interface with others.
Efficiency: We all know and understand the value and importance of being efficient. It’s not just about vehicles and equipment, this concept impacts time, use of resources and decision making in most every other area of our lives and our businesses. Being efficient becomes second nature to our ag producers. Keep that in balance with our need for “the human touch” in our decision-making.
Our Environment: Our farmers are history’s greatest stewards of our environment. I know of no other industry that, by its very nature, maintains a constant focus on the environmental impact of every facet of their business.
2024: Let’s make the most of the new year. We still live in the greatest country representing the greatest experiment on earth! Stay informed but not immersed in the news of the day or social media. Do what’s best for your family. Buy quality items that will last. Read a book, Take that trip. Donate or volunteer as you’re able. Have Fun!
Also, I believe it’s all about faith, family and friends.
Ken W. Knies is an agricultural and rural consultant. He holds a bachelor’s of science and arts from the University of Arkansas and a master’s of business administration from Webster University in St. Louis, Mo. He formed Ag Strategies, LLC.
