The threat of drought in any year is a real problem for most of the country. Many of us have sometimes seen severely less than average rainfall, which can strain our businesses. The most frustrating thing about it is that drought is one of the few things we, humans, have no control over.
And if things could not seem worse, we can also see higher-than-average prices for the inputs we need, such as fuel, fertilizer, and grain. Drought and high feed prices can result in higher cow/calf costs nationwide. This scenario is a real problem because agriculture is one of the few industries with a very thin profit margin.
Despite the current challenges, it’s crucial to recognize your resilience as an agricultural producer. You’ve successfully weathered storms before, and you can do it again. While you can’t always control what is happening, there are ways that you can make it more tolerable for you. Here are four strategies that can help you navigate these challenging times:
