Many farm owners believe that in order to become a top 20% farmer, you need to work harder (or do more).
This is not true.
The top 20% of farmers just do things slightly differently.
In fact, I would argue that many top 20% of farmers are working less than an average farmer.
And a top 20% farmer is reaping hundreds of thousands of dollars more each year than the average farmer and will end up with many millions of extra net worth over the next 10 to 20 years.
Here are 8 traits of a top 20% farmer:
- They have a strategic plan with clearly defined goals for the next 10-year, 3- years, 12 months and 90-days (with their 90-day plan broken into smaller steps to make it easily implemented). They reset their plan every 90 days to keep everyone in their business on track
- They plan their week and day. They ensure they stick to the plan and the high-priority items are implemented. They allocate half a day each week to work ON their business.
- They hire others to complete lower-value tasks and have learned to delegate.
- They complete a financial benchmark yearly and make decisions based on this. They have financial literacy and don’t make random ‘gut feel’ decisions. All decisions are based on return on investment and where is the highest return for the least effort
- They hire experts, listen to the advice provided, and implement the recommendations. They seek the best of the best to help them.
- They put systems in place because they know that systems work and bring efficiencies to their business.
- They are good leaders. They attract good people and retain them, so they can let their team look after things and trust that things are done well. As a result, their team look up to them and respect them.
- They work on their mindset because they know how they think is attributed to 80% (or more) of their success. So, they read, get mentoring and help in this area.
When you really look at the difference between an average farmer and a top 20% farmer, you will see that working on the above is far easier than you think.
I don’t know about you, but I would do whatever it takes to learn these skills if I didn’t have them.
Have a great week,