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Cash – the life blood of any horse business!
March 08, 2015
Cash – the life blood of any horse business!

Every business has a profit pencil, but no business as a cash pencil. What does that mean? What it means is, profit is an accounting opinion and cash is fact. You can fool yourself and others about your profit, but you can’t fool anyone about your cash. You can under or over report your profit by moving expenses and income to a different reporting period. But, you always need to know if you have enough cash to pay you help, pay yourself, purchase your feed in two weeks and make that truck payment on the 15th of the month. In a horse business, more so than most other businesses, budgeting and cash management are both extremely important. Cash flow is king in a horse business. However, ...

A Business Look At Branding Your Business
January 23, 2015
Cash – the life blood of any horse business!

Branding is one of the most important activities within any business. Branding generates market awareness. Market awareness generates potential customers. Potential customers become customers. Customers buy your products. That was easy! Now the world knows about you, wants your product, you’re having fun making money, and life is good! From 50,000 feet you might think that is all that needs to happen if you want your business to become an icon in your market space and have the world demand your products. Unfortunately, at 50,000 feet it is difficult to see what really needs to happen unless you have the business discipline to take a high resolution look. When you are in business, ...

Financial Transactions are More Than Financial Records!
November 02, 2013
Cash – the life blood of any horse business!

The majority of horse business people think their financial transactions are financial records they only need for filing their taxes, and occasionally satisfying their banker. While financial transactions are a starting point, and in some cases all you need for your taxes, they are not sufficient when your tax authority or banker requests supporting documentation. And don’t get caught in the ‘receipts are documentation’ trap! Receipts are only a small part of the supporting documentation a tax authority will want to see. Your tax authority will want you to prove that your financial transactions are legitimate and your business is viable if you are reporting a loss. Your ...

So you are in the horse business or thinking about it!
August 14, 2013
Cash – the life blood of any horse business!

When most people start a horse business the last thing on their mind is business management. Hopefully, I can convince you why business management should be at the top of your list before the end of this blog. Now I have your attention let’s break a horse business down into three simple principles.Marketing and Sales: No customers, no business.Income and Expenses: It’s not what you make, it’s what you keep.Business Management: If you can’t measure it, you can’t manage it.Most horse businesses start from a love affair with horses. That isn’t a bad thing as long as you don’t let your heart dominate your business decisions. Don’t get me wrong ...

Are You A Horse Business Manager?
June 30, 2013
Cash – the life blood of any horse business!

The last thing on the mind of most people in a horse business, or considering starting one, is business management and the business management discipline required to be successful. Hopefully, I can convince you why business management should be at the top of your list. The business management discipline component is your responsibility. Business management discipline is mostly acquired and the majority of us need to work at it every day!The failure of most horse businesses can be attributed to the absence of good business management and not using a business management system to help them anticipate, track and measure their business. Recordkeeping and accounting systems are not management. ...