for Profit workshop set
Ranchers will find ways to increase the profitability of their businesses at a Ranching for Profit workshop October 27 at the Super 8 Motel Meeting Room in Grangeville, 6 p.m. to 9 p.m. Cost is $25.00 per pre-registered person or $30.00 at the door.
To preregister, contact Maggie Grobey (208) 476-5695 or Ranch Management Consultants (707) 429-2202. Dave Pratt of Ranch Management Consultants will conduct the workshop.
According to Pratt, who teaches the internationally acclaimed Ranching For Profit School, input costs have increased 5 times faster than cattle prices. Land values have risen even faster. Pratt says, “Many ranches who use practices that were profitable just 20 years ago lose money in today’s environment. He adds, “Most farms and ranches are structured to fail and survive only through internal subsidies like inherited wealth, appreciating land values, and off farm income. In contrast, many “Ranching For Profit alumni earn a healthy profit without these personal subsidies.”
This workshop will focus on applying business, economic, and financial principles to ranches. According to Pratt, “Knowing how to raise livestock isn’t the same thing as knowing how to run a business that raises livestock.” Pratt will discuss why working in your business involves working on your business first. He will explain three “secrets” for increasing profit and share proven profitability benchmarks participants have used successfully to improve their ranching businesses.
Pratt says that a sustainable business must earn a profit and adds that a ranch that doesn’t produce a profit and that doesn’t pay a decent wage to all employees (including family members) is a hobby, not a business. Most ranches are very expensive hobbies subsidized with free family labor and off-farm income. He and his company help clients transform their ranches into profitable businesses.
Though there isn’t a one-size-fits-all recipe for success, Pratt can offer insights and practical tools developed and refined by the experiences of thousands of Ranching For Profit School alumni all over the world.