The easiest money you will ever make is the money you DON’T spend. Ben Franklin once said, “A penny saved is a penny earned.” Folks, this is just as true today as it ever was – and it applies to every $10, $100 and $10,000 you DON’T spend. Guess what? This income is tax-free. You DON’T have to pay income taxes on the money you DO NOT spend!
Reducing and eliminating expenses is easier than most cow-calf producers think – but it will require a paradigm shift for most producers. Most expenses are fossil fuel-based. Long-term success in this business will require you to transition from fossil fuel energy to FREE solar energy. Winter feeding is usually the biggest expense. With the right kind of cows and with proper grazing management, most winter feeding can be eliminated. Working with nature will also reduce and eliminate expenses.
If you are a cow-calf producer who is in the business for the long haul, you probably need to make some changes in your operation. I firmly believe the beef industry is at a major turning point. What has worked so well for the past 40 years won’t work for the next 40 years. Those who are quickest to adapt and change will be in the driver’s seat. Those who are slow to change will get left behind or run over. This might be a good time to review the Ten Steps to Double Your Profits.