Good Times and Bad Times: Don’t Be Like the Donner Party
Do you remember the story of the Donner Party? They were the Pioneer Family that partied a little too hard on their way to California and got caught in a snowstorm in the mountains where many members died. This same trap can exist in a Family Farm Businesses. This can be another one of the common mistakes Farm Business owners make; failing to build communication and meeting skills during the good times.
For Better or Worse
Crisis is just that. Often times when crisis does strike, you aren’t working on building better business relationships, you are just doing your best to survive. That’s why it’s so important to work on developing these skills in good times, when it doesn’t feel necessary, and you might not feel like it.
When times are good here are some areas you might want to take a look at within your Family Farm Business for development:
- Evaluate daily interactions between partners for communication of information, coordination of events, and appreciation
- Decide on how business meetings will be planned, navigated, and run. What rules do you want to abide by to allow for greater success?
- Assess communication between partners. Consider areas of personal growth for improving listening and discussion skills
- Consider planning a partner’s retreat or weekend away to work on relational growth and to celebrate success
- Take a look at business efficiency and organization. Where can processes be improved, what things need changing to allow greater productivity?
- Outline goals, objectives, and make time for evaluation for all of these things. Make sure partners are on the same page, allow time for discussion, and make sure there is clarity in goals and objectives
- Plan how goals and objectives will be celebrated and for personal appreciation and recognition
Questions? We’re Here to help!
At Barrett Financial Services, a few of the services we are privileged to offer our clients are customized Financial, Business, and Tax Plans. We specialize in helping Farm Business Owners like you plan for a successful future. The members of our Financial Planning Team at Barrett Financial Services are happy to answer any additional questions you have about Farm Business Plans or set up an appointment to discuss your financial goals and needs. Please contact us if you have questions we can answer and a member of our team will get back to you.