The advent of the new calendar year is the perfect time to think about how to improve the bottom line of your horse business. Fresh starts and new horizons beckon, and the opportunity to refresh, reboot and re-imagine your stale business plan is at hand. Why not take the reins and figure out how to make sure your hard work pays off in 2022?
Sprucing up your horse farm and how you operate it is a great start to bringing a fresh perspective to how you are currently operating. Here's a few starter questions to think about:
- Is your fencing and gate set up at paddocks the best it can be and is it in good repair? Keeping expenses such as vet bills down on the equines in your care is as good as making more money and even more importantly, saves unnecessary suffering and mitigates risk of injury to horse and human.
- Is the barn clean and tidy with aisleways free of equestrian paraphernalia or is it an obstacle course to be navigated at every turn? Safety first...
- Does billing for boarding go out on time? Are automatic thank-you letters set up and discounts for early payment given to encourage quick turnaround on bills and improve the cash flow?
- What is the story with your marketing plan? Do you just post social media about your events and activities and hope that the word gets out? Every business needs an up to date marketing plan.
- Are you taking advantage of free online marketing opportunities?
- Have you looked at and listened to feedback from your current clientele? And have you addressed the issues that have arisen?
- New revenue streams are always an opportunity to improve sales income. Summer camps; dog kennel services; add another riding discipline; employ a professional on site trainer on a commission basis; add a jumping or cross- country course or new service; clinics and Schooling Shows etc. These options all offer means to make more money.
- How long is it since you researched your competition? Regional changes in services available in your neighborhood could be cutting into your business.
- Review all running costs of your operation from the prior year. Are there areas where being better organized could have saved you money? For example, buying hay and shavings in bulk by having more storage space.
These are just a few pointers to get you thinking - there are many more areas you can work to improve the business model and build the bottom line.
Free resources such as this magazine, consistently offer good advice on how to build your equine business better. Don't forget to check in regularly for the monthly editions and also the archived articles provide valuable information that can help you grow your business.
|Adding new services to your horse barn operation can yield more revenue streams e.g. offering breeding services; start youngsters under saddle ; train horses for others..|
As the expression goes, " Work smarter not harder!"