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Family Business Rules for the Road
Families in business together share a lot, which isn’t always easy. It requires communication, understanding and compromise. In many ways, being in business together is like sharing a car. Simple rules addressing refueling, cleaning, maintenance and repairs create guidelines that align expectations, drive accountability and fuel harmony.
Read ArticleGovernance in Family Enterprises
Most family businesses fail or are sold to non-family owners before they reach the third generation. This is partially because family businesses often rely on trust and familial bonds to hold the business together. While the informality of family works for some, successful multi-generation family businesses have learned that as families grow and businesses increase in complexity, more formal governance structures and communications are required. Learn three easy steps to strengthening governance and communication in your family business.
Read ArticleGrace and Goodwill or Greed and a Grudge
During the holidays we take time to reflect on our many blessings. In family business those blessings include health, happiness, prosperity and the opportunity to work with loved ones. What happens, though, when family in business doesn’t always feel like a blessing?
Read ArticleDebunking "We Don't Plan"
Strategic planning isn’t a silver bullet, but in most family businesses it can create clarity. When people have varying views of the present and/or future, strategic planning helps create a common foundation to build upon. Why. then, do families so often hesitate?
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Rite of Passage
Recently, at a reunion of the NBA (Noontime Basketball Association) from Virginia Tech, the son of one of the players, who came up through the ranks, gave an impactful opening message that can be applied to agriculture as well.
Read ArticleFOMC Meeting Results, September 2022
Federal Open Market Committee (FOMC) Meeting Results
The Committee emphasized that it is strongly committed to returning inflation to its 2% objective.
The Agriculture Sector and Main Street: The Bridge
A question from a well-respected agricultural lender generated fuel for thought. “The agriculture sector has been going through some tremendous changes in recent years. What does the average person on the street need to know, and why should they care about what is going on in the agricultural industry?”
Read ArticleProducer Characteristics in Managing Extreme Economic Shockwaves
Inflation, an increase in interest rates, and a shortage of parts, supplies, fertilizer and other inputs critical to operations are just a few of the variables driving the bottom line. Coupling these challenges with extreme weather, uncertain global markets and changing consumer preferences could make one throw up their hands in despair. Let's discuss what some of the best managers are doing to adapt and, in some cases, prosper.
Read ArticleHow Inflation Gets Businesses in Trouble
The reality of inflation is starting to settle in, cash savings are dwindling, and credit card debt is beginning to soar to cover inflated costs. If not managed, inflation can get a business or personal household into financial difficulty very quickly.
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Are Alexa, Google & Siri Eavesdropping on You?
Digital assistants make it easy to search for information, create your grocery list or order a pizza. But are you unwittingly sacrificing your privacy for the sake of convenience? Security expert John Sileo lays it all out in this timely video.
Read ArticleRevolution to Evolution: The Emergence of Ag Technology
Entrepreneurs will enhance agricultural technology to create myriad benefits – improved efficiency measures, faster responses to changing consumer preferences, consistent top-notch quality, etc. These innovators foster a distinctive mindset called the “entrepreneurial spirit.” It’s a difference maker in agriculture, and those who adopt it will break down current challenges facing the industry. So, what does it look like to adopt the entrepreneurial spirit?
Read ArticleVideo Series – Innovation in Agriculture
Technology is everywhere. You’re likely using it in your operation. But are you positioned to make the most of innovation? Check out the first video in Northwest FCS’ three-part series exploring the drivers, investments and opportunities in current and emerging ag technologies.
Read ArticleWays to Protect Yourself Against Fraud
Willie Sutton, the 20th-century bank robber, famously said, “I rob banks because that’s where the money is.” Today, thieves would put it differently: the easiest way to get money is to get into online bank accounts. How do they do that? By fooling others in some way.
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