The Roosevelt County Conservation District has invited Dave Pratt the most sought-after speaker and respected authority on sustainable ranching in North America, to this years 2016 Bovine Connection on November 29.
The workshop will focus on applying business, economic and financial principles to ranches. According to Pratt, “Knowing how to raise livestock isn’t the same thing as knowing how to run a business that raises livestock”. Pratt will discuss why working in your business working on your business first. He will explain the three “secrets” for increasing profit and share proven profitability benchmarks participants can use to identify “deadwood” and pinpoint “profit drivers” in their ranches.
According to Pratt, who teaches the internationally acclaimed Ranching For Profit School, input costs have increased 5 times faster than cattle prices. Land values have risen even faster. Pratt says, “Many ranches who use practices that were profitable just 20 years ago lose money in today’s environment.” He adds, “Most farms and ranches are structured to fail and survive only through internal subsidies like inherited wealth, appreciating land values and off farm income. In contrast, many Ranching For Profit alumni earn a health profit without these personal subsidies.”
Pratt says that a sustainable business must earn a profit and adds that a ranch that doesn’t produce a profit and that doesn’t pay a decent wage to all employees (including family members) is a hobby, not a business. Most ranches are very expensive hobbies subsidized with free family labor and off-farm income. He and his company help clients transform their ranches into profitable businesses.
Pratt says he doesn’t have a one-size-fits-all recipe for success but can offer insights and practical tools developed and refined by the experience of thousands of Ranching For Profit School alumni all over the world.
For more information on Dave Pratt and the Ranching For Profit program is available at : http://www.ranchingforprofit.com