These three steps below will guarantee that you are able to create a profitable horse businessThe First Essential in Profitable Equine BusinessesMake sure you are going to provide goods/ services that are in demand.You may already have a horse related skill that people ask you about. If they are prepared to pay for that skill then that is a great place to start your horse business plan.If you have lived in your district for a while then you may already know that there is a problem in the horse community. If not, then talk to people. A survey is a great place to start and it can be as informal as a conversation.Ask specific questions – what is your biggest horse related problem, how do you think it could be solved, has anyone ever tried to solve the problem before. Remember to keep a record of each conversation and this could be a simple step like taking notes after (or during) each conversation.The Second Step Needs Equine Business Management SkillsIn this step you need to be solution orientated. If there is an easy solution then there is a very good chance that someone has already solved it, so you may need to think ‘outside the square’ or ‘outside the box’This could involve talking to people with horses in other areas to see if they have had a similar problem and were able to solve it.It could be that you already have the skills to provide the services required, or are prepared to acquire those skills to solve the problem. The main thing in this step is that you are able to find the solution to their problem.The Final Step For Your Horse Business PlanFind out how much it will cost you to solve this problemIf you are retailing goods to solve the problems then make sure there is enough profit between what people are willing to pay and what you can solve the problem forAt this stage it is essential to include your time/labour and to calculate it at a rate you should be paid. If, for instance you are making special show brow bands then you must not only calculate the time it takes for the material but also the time it will take you (or one of your staff members) to make themAs a general rule, the cost item of what you are producing or buying should be between 66% and 80% of the retail price. Of course this can vary and there are many instances that are outside these figures. But it is a good figure to start off. This will allow for lots of expenses like administration, marketing etc but it will also allow for discounts when you are first starting.Say the brow bands are very specialist with specific high quality materials going into them and they cost $60. for materials and labour. If you are selling them for $100 then your business has a chance of succeeding. To get your business started, you are better off making the price $100 and discounting to $80 than to sell your product for $80.An Important Point To Remember In Equine Business ManagementAnother part of the equation of having your own equine business is to know where the money is really going. If you start a hobby to pay for your riding lessons or to pay for your horse’s feed bill and you consider that an ongoing expense that is OKBut if you start another part of the business and think that you are not making a profit because you are spending your money on lessons or your horses feed bill then that would be wrong. You may be making money on what you are doing, but spending the profit on horse expenses that are not relevant.This simply means that one area of your horse business is running at a profit and another area is running at a loss. When you create your horse business plans, use your equine business management skills to separate the incomes and expenses to each area of your business
With the economy as it is, many companies find themselves doing some quick belt-tightening. Now it’s all about lowering your overhead: it’s all about operating as efficiently and as inexpensively as possible. Now, as any business management consultant will tell you, one of the easiest ways to immediately lower that overhead — sometimes by a significant amount — is by looking at your costs for utilities, and doing some auditing.Many companies take utility bills at face value: they’re an unavoidable expense, and most businesses have little control over the amounts on their bills, apart from actually cutting back on usage. What they fail to realize is that you can take a more active approach to reducing your costs for utilities.|Many businessmen fail to realize that there’s actually a lot more that you can do to save on the electricity bill, apart from turning off the lights or cutting down on operating hours. These business owners are content to just accept what’s on their bills and pay out to the utility companies.Continual increases in the global oil price has also driven up the rates for electricity. Because of all this, you’ll need to monitor that you’re spending on power. But you’d be surprised on how much money you can save by doing some auditing.| Electricity is usually the biggest expense for many companies- it keeps the office’s telephones, computers, faxes and machinery running. With the recent increase in fuel prices, though, the cost of electricity has steadily gone up. By simply doing some auditing and using the information that you can learn from it, you stand to shave off a significant amount from your utility expenses.For example, there is a lot of overcharging going on when it comes to electricity bills. Some seasonal changes in power rates- summer and winter rates vary, and sometimes the power company may be charging you the incorrect seasonal rate. And some power companies can offer different rates to different consumers, depending on their consumption levels or the nature of their business. You and your business management consultant can research exactly everything you’re paying for, and see if you’re getting billed correctly, or if you can get a better deal.Of course, the best way to cut down on your power expenses is by using energy-saving practices. Installing compact fluorescent lamps, which use only a quarter of the power used by normal incandescent lamps and last about ten times as long, can help you do this. Another major item on the consumption list, heating, can be addressed by having an up-to-date natural gas boiler put in, a more efficient model that can lower your gas bills by a third.There are so many way that doing some auditing and investing in more efficient utility-related equipment can save you money. Just do a little reading, or better yet, hire a business management consultant that specializes in commercial utilities. With the money you can save, you may just be able to flourish, even in an uncertain business climate.|Knowing what goes on in your utility bills will let you know if you’re being charged correctly.And knowing how to save on consumption with energy management may be the edge you need to survive in an ever more demanding business climate.|These practices, among others, that your business management consultant can suggest, may not seem much at first. But in the long run, you’ll find that you can save a significant amount of money in the process, which may be just what you need to make it in this business environment.
A strategic direction is vital for any business but it needs to be understood by the staff. A good leader in business management will have the ability to instill the direction of the company’s strategy effectively. All of the employees need to be able to not only understand the corporate strategy but be on board with achieving the goals of the strategy. A good leader will have the ability to motivate their staff into wanting to achieve the corporate strategy.Strategic direction tells employees not only where the company is headed, but where the employees are headed as well. A good leader in business management has the ability to show employees how they play a role in achieving the overall goals of the business. Employees will have a good understanding of their individual importance and how they make a difference with the work they do. This creates self importance and motivates staff to want to be productive in order to help the business succeed.Quality business management also requires a leader to have the ability to instill guiding values with the employees. The values instilled within the employees should provide guidance. A good leader will guide staff into making wise decisions that are for the benefit of each individual and the organization focused on integrity. Employees want to follow a leader that is honest.There are many things that a successful leader of business management must be capable of providing to the staff. These things include instilling the strategic direction, providing the company vision, and installing guiding values that motivate the staff. Supervisors are responsible for transmitting the philosophies, goals, vision, and values throughout the organization. A good leader that is capable of doing these things, sets the foundation for deploying systems that are well defined, techniques, and performance measures of achieving them.