Inventory and Inventory Management (Rarely Understood, Financially Significant) IntroductionInventory in a horse business includes your expendable supplies like hay, grain, supplements and medications that are consumed in less than one year. Inventory can also be horse tack, hand tools and other miscellaneous noncapital equipment that needs to be tracked and managed for insurance or tax purposes, or both.Inventory is not just the quantity of supplies and material on hand; inventory can have a significant financial impact on your business. The financial impact not only includes the inventoried items cost, but also includes the expense to maintain and properly store inventoried items. To ...

Horse Business ManagementOperating a successful horse business is a laborious task by any measure. Not only are the days long and the work hard, but the ever increasing cost in an unpredictable market only adds to the difficulty and risk.A horse business, like any many other businesses, comes down to three simple principles.Marketing and Sales: No customers, no business.Income and Expenses: It’s not what you make, it’s what you keep.Business Management: If you can’t measure it, you can’t manage it.Most horse businesses start from a love affair with horses. That isn’t a bad thing as long as you don’t let your heart dominate your business decisions. Most ...

Rapid Billing – Rapid Invoicing with equinegenieIt makes me smile when I see the QuickBooks’ advertisement that says you get paid faster using QuickBooks. We all know, you get paid when your customer decides to pay you – hopefully sooner than later. It has nothing to do with QuickBooks, or any other invoicing or accounting system. What the advertisement should say is you can get an invoice to a customer faster if you use QuickBooks. But that is not necessarily true either. You can do the same with equineGenie, and maybe even faster than QuickBooks. Using equineGenie you don’t have to make multiple entries for the same transaction. For example, if you use QuickBooks ...

Horse Boarding – Competing In a Competitive MarketBoarding horses is a challenging business – raising feed cost, increased labor cost, labor shortage, declining horse ownership, etc. You not only need to know what to charge, but you need to offer the best possible horse care and the right products and services to attract enough customers to make money. Hopefully, you have figured out what you should be charging from our blog; Horse Boarding – What to Charge? We hope the example we used made you think about all the expense, capital cost and labor that goes into owning a horse boarding business.Now that you have figured how much you should be charging, do not compete on ...