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Welcome to the home of the Modern Farm Business® podcast, hosted weekly by Dean Heffta. Modern Farm Business translates proven methods and best practices from the business arena to today's modern farm leadership environment. We'll be learning from forward-thinking experts and discovering how to apply time-tested techniques to make real improvements on the farm.

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Jan 17, 2019

THREE NUMBERS TO KNOW
I. Working Capital: The capital available for the business to do its work
[CURRENT ASSETS - CURRENT LIABILITIES] gives you a dollar amount, but t only means something if you put it into perspective with a ratio. So we divide that number by our GROSS REVENUE. Let’s plug in a couple of examples...


082: Finance on the farm

Jan 17, 2019

THREE NUMBERS TO KNOW
I. Working Capital: The capital available for the business to do its work
[CURRENT ASSETS - CURRENT LIABILITIES] gives you a dollar amount, but t only means something if you put it into perspective with a ratio. So we divide that number by our GROSS REVENUE. Let’s plug in a couple of examples...


Jan 10, 2019

Poor communication → Unmet expectations → Frustration & Disappointment

“Everyone hears only what he understands” - Johann Wolfgang von Goethe (scientist & author, 1749-1832)

Two big challenges we face in effective communication:

Assumptions: Experiences in my head I’m not adding in to the information I’m...


Jan 3, 2019

EMOTIONS ARE REAL: MANAGING THE EMOTIONAL REALITY OF TRADING
The market is an auction. The purpose of an auction is twofold: to provide an environment where buyers and sellers can come together; and to provide price discovery. If a farmer retires and you go to the estate auction, there is one seller—and the more...


Dec 27, 2018

USE THESE KEYS FOR CORRECTING WITH EASE

Avoid looking at correctable behavior situationally. “Bill is consistently late for work. How do I correct it?” This is focusing on what we don’t want and not focusing on the goals of the organization...which means we can end up missing the opportunity to really create what...