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If you’re a Farm CEO, or know someone who is, the ideas I share in this piece will interest – and can benefit – you (as well as him/her).
FACT: You’re in Business to Make Money Profitably
With a few possible (odd!) exceptions, more or less everyone starts a business to make money.
However, making sales in your farm business, which causes money to come in, WILL NOT necessarily mean your farm is making profits or that it will be profitable.
This is why I prefer to emphasize that one needs to MAKE MONEY PROFITABLY.
Did I hear you say “Huh”?
Ok, give me a moment and I’ll explain what I mean…
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Tayo Solagbade’s
Performance Improvement IDEAS
(PI Squared) Newsletter
Monday 9th October 2017
NB: This PI Squared newsletter will be published weekly, on Mondays, in place of the Speaking/Web Marketing IDEAS newsletter, starting from today – 15th February 2016. I’m reinventing my Monday newsletter content and theme, to accommodate my vision of serving the growing audience of serious minded individuals and organizations reaching out to me, with information, education. news and research findings designed to help them do what they do better.
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PII 087: Why Farm CEOs Need Multiple Streams of Income to Succeed
If you’re a Farm CEO, or know someone who is, the ideas I share in this piece will interest – and can benefit – you (as well as him/her).
FACT: You’re in Business to Make Money Profitably
With a few possible (odd!) exceptions, more or less everyone starts a business to make money.
However, making sales in your farm business, which causes money to come in, WILL NOT necessarily mean your farm is making profits or that it will be profitable.
This is why I prefer to emphasize that one needs to MAKE MONEY PROFITABLY.
Did I hear you say “Huh”?
Ok, give me a moment and I’ll explain what I mean…
A business that is NOT making enough money to cover its daily operational expenses is unlikely to have significant funds left over to retain as profit.
If things stay that way for too long, it could collapse!
The owner would most likely have sleepless nights as a result – except s/he has OTHER income generating resources (Robert Kiyosaki calls them Cash Flow Generating Assets)
Regardless of what kind of farm business you run, a Multiple Streams of Income Generation strategy can boost your chances of achieving long term sustainable profits.
Some Farm Businesses Make Money UNPROFITABLY…
A common reason that happens is that they fail to get a firm grasp of their expense overheads as a basis for deciding how much to sell their farm produce.
This makes them end up limping along on a more or less perpetual basis, with the result that little or no growth or expansion is possible.
Indeed sometimes the business experiences periods of stagnation as a result.
I’ve seen examples of this with some livestock farm businesses I’ve supported – in which a lack of reliable income generation via the primary farm product output/sales caused delays in purchase of needed inputs (like feed, medication etc for the animals).
That situation eventually resulted in performance limiting consequences.
Now, you could argue that even if they accurately computed their overheads, it would be practically impossible for them to sell at prices exceeding what other farms offer.
And that would be true!
However I never said (and I’m NOT saying) a farm business needs to make money ONLY from its primary – or MAIN – output!
What I’m saying is that a Catfish Farm CEO, for example, need not focus ONLY on making money via sales of adult, fingerling or juvenile catfish. Neither does the Pig Farmer need to focus exclusively on making money by selling pigs of various ages, classes or sizes.
I argue instead that EVERY farm CEO can – and SHOULD – develop the ability to MAKE MORE money through other indirect channels, using his/her established farm business enterprise as a launch pad, if s/he desires to achieve long term sustainable money making success.
And just before you raise an objection or scoff at this idea in disbelief, note that it’s actually ALREADY happening in Africa, and outside of it…
Sadly, in the course of relating with them over the past decade, I’ve come to the realization that many Farm CEOs in this part of the world have a blind spot – in their thinking.
This blind spot makes them fail to see the otherwise glaring opportunities to boost their farm’s bottom-line at what often tend to be low or even zero additional costs!
In other words, too many of them have ONLY one way they’re willing to look at issues – or what I prefer to call “potential opportunities”.
They are so fixated on doing things the popular, accepted, or conventional way that they’ve come to know!
Such Farm CEOs often want to be shown someone who farm’s situation looks exactly like theirs, and who is succeeding already in using the new/unconventional idea being proposed to them, BEFORE they believe, and give a NEW or DIFFERENT way a try themselves.
Sadly, life does not work that way: You need to put in some work, and take risks to do new things, if you are to progress!
This is especially because every farm business is unique – just like its owner.
That means the solution developed for it will often have to be tailored/implemented to suit its peculiar needs.
Who better to do that, if not the Farm CEO herself?!
And this is where having enduring passion for what you do comes in.
Without passion, you will simply NOT be willing to do the hard work of THINKING UP (potentially radical) ideas needed to develop alternative income streams to complement existing one(s).
I say this as one who helps Farm CEOs (and experts in other fields) conceive, develop and implement strategies to earn extra (often passive) income streams, like I do.
Yep.
Passion, or more specifically a lack of it, is – in my considered opinion – the main reason many Farm CEOs out here struggle to explore alternative ways to make EXTRA money to complement their farm’s primary earnings.
Yet, the approach I recommend can help business owners discover innovative ways to SAVE money, time, effort and resources – leading to INCREASED profit margins.
So s/he ends up killing 2 or more birds with one stone, reaping multiple fold benefits.
I know of NO business owner who would not want to have this kind of experience with his/her business!
As a Farm CEO in the 21st Century, you should be able to make money come into your hands, pockets or bank account, regardless of whether or not your farm has physical products ready for sale.
In fact, I argue that you CAN be a walking money making machine of sorts, if you know HOW to go about it!
Or better still, to borrow a phrase from Robert Kiyosaki, you should be able to PRINT your own money.
That way, even if your farm is encounters production problems and no farm produce are available to sell. you would STILL be able to make money – and profitably too!
Next Steps: Having provided justification for you to aim for multiple streams of income, I now invite you to request details of HOW to go about it – from me. Email tayo at tksola dot com to send me a message.
Among other solutions, I offer a special talk/coaching program in which I discuss up to 5 proven ways to earn Non-Farm income as a Farm Business Owner. Email tayo at tksola dot com to invite me to speak to your group.
RELATED ARTICLE
Spontaneous Coaching™ Program: Monetize Your Expertise to Make EXTRA Money With LESS Effort by Creating Cash Flow Generating Assets (CFGA)™
Excel-VB Driven Ration Formulator
1. Click here to learn more about this app – watch demo videos etc
2. Click here to watch a 4 part video in which I demonstrate how to use this app to formulate rations using real life data sent to me by an Algerian PhD student.
Click here to contact me about purchasing this product.
EXCEL-VB DRIVEN POULTRY LAYER FARM MANAGER SOFTWARE
Click here to download a detailed PDF user guide and watch 15 screen shot user guide tutorials of the Monthly Poultry Farm Manager that I now offer Farm CEOs.
Click here to contact me about purchasing this product.
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Tayo K. Solagbade*
Self-Development/Performance Improvement Specialist and Multipreneur
*Best Practice Farm Business Support Specialist & Founder of the MS Excel Heaven Visual Basic Automation Club and Competition
Mobile: +234-803-302-1263 (in Nigeria) or +229-66-122-136 (in Benin Republic)
http://www.tayosolagbade.com
Tayo K. Solagbade is a Location Independent Performance Improvement Specialist and Multipreneur (i.e. a highly versatile/multi-skilled entrepreneur), with a bias for delivering Best Practice solutions to Farm Businesses and others.
Since 2002, he has earned multiple streams of income providing individuals and organizations with personal development training and coaching, custom MS Excel-VB solutions, web marketing systems/ web hosting, freelance writing services, and best practice extension support services (for farm business owners).
Tayo is the author of the Self-Development (SD) Bible™ and the popular Livestock Feed Formulation Handbook. He is also the developer of its accompanying Excel-VB driven Ration Formulator™ and the Poultry Farm Manager™ software.
He has delivered talks/papers to audiences in various groups and organizations, including the Centre for Management Development, University of Lagos, Christ Baptist Church, Volunteer Corps, Tantalisers Fast Foods and others.
In May 2012 he was the Guest Speaker at the Centre for Entrepreneurship Development’s Annual Semester Entrepreneurial Lecture at Yaba College of Technology in Lagos.
On 1st April 2013, Tayo (who reads, write and speaks the French language) relocated to Cotonou, Benin Republic to begin slowly traveling across the West African region.
His key purpose is to deliver talks, seminars and workshops on his key areas of focus and interest to interested audiences (Email tayo at tksola dot com for details).
In a previous life, before leaving to become self-employed, Tayo served for seven years (October 1994 to December 2001) as a high performing manager in Guinness Nigeria. He rose from Shift Brewer to Training & Technical Development Manager, and later acted in senior roles as Production Manager and Technical Manager.
In addition to constantly challenging the status quo and influencing positive work changes, he built a reputation for using self-taught spreadsheet programming skills (starting with Lotus 1-2-3, and later moving to Excel Visual Basic) – in his spare time – to develop Automated Spreadsheet Applications to computerize manual report generation processes in the departments he worked. Over four(4) of his applications were adopted for brewery level reporting.
Tayo holds a B.Sc degree in Agricultural Extension Services from the University of Ibadan, Nigeria, having graduated top of his class – with Second Class Upper Division honors – in 1992. He is an Associate Member of the UK Institute & Guild of Brewing, a 1997 National Finalist of the Nigerian Institute of Management’s(NIM) Young Managers’ competition, a Certified Psychometric Test Administrator for Psytech UK, innovator of Spontaneous Coaching for Self-Development™ (SCfS-D™), and Founder of the Self-Development Academy (SDAc).
When he’s not amazing clients with his superhuman skills (wink), Tayo works as the creative force behind his Daily Self-Development Nuggets blog – on which he also publishes The Farm CEO Weekly Newspaper (sent via email to paid subscribers) and his Weekly Performance Improvement IDEAS newsletter.
You can connect with him on Twitter @tksola.com and Facebook.
Visit Tayo Solagbade Dot Com, to download over over 10 performance improvement resources to boost your personal and work related productivity.
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[IMPORTANT NOTE:====
On 4th May 2014, Tayo’s 9 year old domain (Spontaneousdevelopment dot com), which hosted his website, was taken over by Aplus.net.
Within a few days however, Tayo used his advanced self-taught web development skills to build a SUPERIOR “reincarnation” of it the website http://www.tayosolagbade.com.
But updates are still ongoing to URLs bearing the old domain name in most of the over 1,000 web pages, and blog posts he’s published.
If you experience any difficulties finding a page or document, email Tayo at tksola dot com.
Click “Tayo, What Happened to SpontaneousDevelopmentDotCom ?” to read a detailed narrative about how the above event occurred :-))
Here’s an article Tayo wrote, to inspire others to defy adversity, and bounce back to even greater reckoning at what they do EVERY time:
And he wrote the one below, to explain why losing a domain name, no matter how old, NO LONGER determines your online success or otherwise:
A Proven Strategy to Find Profitable Buyers Regardless of Your Domain Name
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