Is Your Marketing Plan Dying of Paralysis By Analysis?
by Elena Brookover, Risk Manager, firstname.lastname@example.org
Imagine a basketball coach sends his athletes onto the floor with an amazing game plan but, when the whistle blows to begin the game, the athletes just stand there. Now, imagine the athletes’ reason for not playing is because they were questioning their strategy before they’d even executed it?
This hypothetical ballgame is real for too many farmers when it comes to commodity marketing. They have a plan but when the whistle blows, they freeze.
There they sit in full-blown paralysis by analysis — contemplating every minuscule market move until they’re nauseous. “What if prices climb higher and I leave money on the table? What if my timing is wrong? What if the weather turns and I end up short?”
While these questions are valid, festering and doubt prevents producers from doing anything. When production Agriculture is your business, at some point you’ve got to sell your crop. Wouldn’t it be better to do so with a well-devised, updated strategy that reflects what’s going on on the game floor?
5 Tips To Avoid Paralysis By Analysis For Your Marketing Plan
Share your plan with someone you trust to be your accountability partner. Whether it’s your banker, business partner, spouse, or mentor, designate someone to hold you accountable to your plan.
Post your plan where you can see it. Regular reminders of your plan keep you focused on your risk management goals.
Re-evaluate your plan periodically. If you’re in the cattle biz, re-tool at least every 6 months. Row crop and cereal crop producers, consider monthly adjustments to reflect market moves accordingly.
Note: Adaptability means reacting to trends, it doesn’t mean dumping your marketing plan with every day’s headline, lest it will quickly become ineffective.
You’ve made it in this business thus far and you know your operation. Give yourself the credit and the credibility you deserve. Be confident and trust your plan.
As a farmer or rancher, you wear a lot of hats. You need business partners with expertise to keep your operation running smoothly. When it comes to marketing your crops and livestock, you need a risk management adviser you can depend on to avoid the dreaded paralysis by analysis.
At Silveus Financial, we will collaborate with you from start to finish – month to month, year over year, using the tools in an ever-changing toolbox to mitigate risk and increase profitability. Visit www.silveusfinancial.com or call us at 800-747-1951.
DISCLAIMER: The risk of loss in trading futures and/or options is substantial, and each investor and/or trader must consider whether this is a suitable investment. Past performance, whether actual or indicated by simulated historical tests of strategies, is not indicative of future results.