September 11, 2023

What Ranchers Should Consider When It Comes to Managing Finances with John Haskell

54 minutes

Discover the biggest mistakes ranchers make with their finances in the cattle industry. From not knowing their financial direction to relying on ineffective bookkeeping, find out how these errors can leave ranchers in a precarious financial situation.

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In this episode, you will be able to:

Decipher the fundamental importance of in-depth financial understanding in the smooth operation of ranching businesses.

Realize the effectiveness of disclosing financial information to employees, in turn enhancing overall business operations.

Extract the nuanced disparities between the practices of tax accounting and management accounting in the sphere of ranching.

Detect and separate the profitable aspects from the unprofitable within your ranching venture.

Comprehend the significant benefit of teamwork and collective decision-making in improving financial understanding and management.

My special guest is John Haskell

Introducing John Haskell, a financial expert in the ranching industry. His unique experiences, particularly working at Deseret Land and Livestock Ranch, revolutionized his understanding of the sector's nuts and bolts. Driven by a novel approach to financial stewardship, John set up Ranch Right LLC, a firm dedicated to enabling smarter financial management in ranching. His commitment to helping cattle producers navigate their finances to improve operational results is truly commendable.

The key moments in this episode are:

00:00:02 - Introduction,

00:01:48 - Importance of Financial Knowledge,

00:08:51 - Two Sets of Books,

00:11:13 - Lack of Financial Framework,

00:15:01 - The Importance of Working on Strengths,

00:15:53 - Leveraging Expertise in Bookkeeping,

00:18:21 - Structuring Data to Answer Critical Questions,

00:19:59 - Confidence in Financial Data,

00:23:27 - Starting the Process of Cleaning Up Finances,

00:29:47 - The Materialistic Fallacy: Assets vs. Intellectual Capital

00:31:46 - Cash Flow and Financial Focus

00:33:32 - Cash Flow Focus vs. Appreciation Focus

00:34:32 - Building a Financial Team

00:45:36 - The Importance of Controlling What You Can,

00:46:22 - The Impact of Learning,

00:47:18 - The Power of Mentality,

00:48:43 - Techniques vs. Relationships,

00:50:06 - Eliminating the Victim Mentality,

Full Show Notes: https://www.casualcattleconversations.com/casual-cattle-conversations-podcast-shownotes

Free Weekly Resources: https://www.casualcattleconversations.com/ranching-resources

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Take Your Ranch to the Next Level

Once a month Shaye hosts Q&A calls between cattle producers and beef industry leaders to help ranchers find answers to their questions and improve their bottom lines. The best part is you get expert insight from the comfort of your own ranch and get to ask any question you want relating to the topic!

Learn More About RancherMinds: https://www.casualcattleconversations.com/ranchermind-events

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