The new year is a perfect time for each of us to take a self-inventory and adjust behavior. As individuals, that usually means making a resolution that is kept anywhere from a few days to the remainder of a lifetime, depending on the resolve of the individual.
It also is a good time for making changes for a business, although the operation of a farrier business is much more complex than losing weight or giving up a vice. Hopefully, you’ve already reviewed your practice and implemented necessary changes for 2015. If not, make a thorough business review your top priority. Once a review is accomplished, be specific in what you will adjust in your business plan to accurately measure results and see whether you accomplished them by year's end.
Reviewing one’s business shouldn’t be a once a year activity. Your business as well as its activities and goals should be constantly reviewed throughout the year. Buck O’Neil, a farrier and accountant, once wrote to me in regard to tax deductions. He said it is a common mistake to think about these at another popular annual event — tax time. His advice holds true about your business in general.
“Farriers need think about this year round to take best advantage of tax reduction opportunities and keep more of their hard earned money for themselves and their families now and in the future,” he says.
If you need help improving your farrier business, here is a resource from 2014. Red Renchin, AFJ’s technical editor and a farrier for more than 40 years, held a webinar in which he discussed some better business practices. If you feel your business could use a jump start, take the time to watch this.
Looking back at 2014, what was the most significant adjustment you made to your business at some point in the year? Please post it in the comments below. Maybe this could be that helpful spark that another farrier needs.