Luck

As much as you plan, prepare, number crunch, compare, research and implement, luck can have a significant positive and negative influence on your business.  Your ability to take advantage of good luck and weather bad luck can depend on:

• Accept it, but don’t relying on it as a business strategy.
• Accept it, but do everything within your power to insulate yourself and control your own destiny.
• Always be aware of what is happening (good or bad) and be able to act on changes.  It might be a matter of ensuring that you take regular time away from the day to day farming operations to read trade magazine, review your financials or go to conferences.  It may also be a matter of setting aside some money to be used as an emergency reserve or as an immediate opportunity fund.
• To paraphrase “The Gambler” you need to ‘know when to hold’em, know when to fold’em, know when to walk away and know when to run’.  Sometimes the “luck” can be really bad (such as a global commodity price crash or disease outbreak).  Even though it is not your fault, in order to ensure farm and family’s survival you need to maintain perspective and think long term.  Sometimes a quick exit can minimize the impact and enable you to recover and start again.

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