Physical deterioration and technological
obsolescence is a non- cash cost that if not
addressed, can wreak silent havoc as the years pass.
inconvenience, it affected his effi ciency and his cattle’s productivity. As soon as the producer was fi nancially able, he replaced the tractor. “Depreciation — most visible as wear-and-tear on
equipment and infrastructure — needs to be addressed and not ignored,” Childs says. “Ignoring depreciation does not make it go away; it just makes the deferred costs add up.”
Record keeping and priorities Haste can make waste, especially if fi nancial or
management decisions are driven by deadlines instead of information. Many people do not take a hard look at their fi nancial records until Dec. 31 looms large. As the year ends, they make snap decisions about spend- ing money. Swigert says, “Instead of waiting until December
to determine their fi nancial position, producers should ideally get their records together and meet with their accountant in October. Based on the information in hand, they can project the end-of-year position. Then, producers have at least 3 months to plan.” Additional time equals additional investment options.
For instance, if a producer checks his books on Dec. 15 and determines he has additional income to invest in soil fertility, it is improbable that he can complete that project in 2 weeks during the holiday season. Swigert suggests that producers make a prioritized
capital improvement “wish list” to further enhance investment planning if they have profi ts to reinvest. While investment priorities will vary from opera-
tion to operation, there are 2 questions to ask that can help producers weigh their options. First, producers should ask, “What will give me the highest return for my investment?”
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www.centurylivestockfeeders.com tscra.org November 2015 The Cattleman 73
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