If you are getting into the cattle business talk to a cattleman that has made it to the big time in recent years and get some record keeping advice. One of the biggest problems for ranches struggling to be profitable is the inability to understand their expenses.
Cattle are an investment in most cases so the idea of getting a return on your investment is a pretty important issue. Don't get confused and think that making money by farming somehow makes your cattle more profitable. Learn what opportunity costs are and don't allow yourself to be duped into spending many hours doing something that you are better off not doing. Learn how to run your pencil honest.
I have seen many operators spend hundreds of hours every year doing things that drag their operation down.
Cattle are an investment in most cases so the idea of getting a return on your investment is a pretty important issue. Don't get confused and think that making money by farming somehow makes your cattle more profitable. Learn what opportunity costs are and don't allow yourself to be duped into spending many hours doing something that you are better off not doing. Learn how to run your pencil honest.
I have seen many operators spend hundreds of hours every year doing things that drag their operation down.
