MANAGEMENT

Alfalfa hay and other forage producers often become complacent when they hear the term “risk management.”

Most often this is attributed to the misunderstanding that risk management programs relate only to managing financial risk via future, options, hedging, forward contracting or crop insurance programs.

Alfalfa quality: The key to marketing a better hay product
Hay is one of the most versatile means to package and sell stored forage for animal feed.

Hay can be kept for long periods of time with little loss of nutrients when protected from weather. Many crops can be hayed successfully. Alfalfa, in particular, has successfully been used for specific ration supplementation and for specific animal markets.

For most hay producers throughout the United States, 2007 ended up being a good year. Hay prices were well above five-year averages, and weather permitting, 2008 is looking to remain the same for most growers.

When we talk about economic resources, three types of resources usually come to mind: land, labor and capital. But a fourth resource – time – may be more important than all the others.

Selecting an employee is among the most important decisions a manager makes. Getting the right person in the right position is crucial for business success. But how can you do that?

Communication, although essential, is not always easy. Individual differences in personality, communication styles and skills and expectations all play a part in how well your family communicates.