Weathering the Storm – Inventory Where You Are (Part 1)

This series started last week with an overview of what Sean will be sharing with us to help us weather the current economic storm. Here's Part 2, courtesy of iGrow.org. Conducting a complete ranch inventory is a perfect time for ranch managers to take an in-depth look at their operation. Completing a ranch inventory is the first step in the strategic planning process, but it also helps provide a current overview of the operation. During times of belt-tightening, it’s imperative to make sure all the resources of the ranch are being utilized as efficiently as possible. The slower winter months ahead on the ranch, are an excellent time to work on a ranch inventory. The first attempt will be the most time consuming. Each passing year the ranch inventory will become more detailed, accurate and useful. Categorizing Resources A ranch inventory should include 4 categories of resources available to the ranch operation: 1. Natural 2. Financial 3. Human 4. Physical. In addition to providing a current overview of the operation, we can complete a balance sheet, provide a summary of collateral for loans or operating notes, and assist with future decisions as finances are used to help determine if the operation can accommodate a son or daughter returning to the ranch. We also may discover soil erosion problems or find pastures and underutilized rangeland when completing an inventory of the natural resources. Do stocking rates equal current carrying capacity of the ranc

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