The Blog
Financial Transactions are More Than Financial Records!
November 02, 2013
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The majority of horse business people think their financial transactions are financial records they only need for filing their taxes, and occasionally satisfying their banker. While financial transactions are a starting point, and in some cases all you need for your taxes, they are not sufficient when your tax authority or banker requests supporting documentation. And don’t get caught in the ‘receipts are documentation’ trap! Receipts are only a small part of the supporting documentation a tax authority will want to see. Your tax authority will want you to prove that your financial transactions are legitimate and your business is viable if you are reporting a loss. Your ...

So you are in the horse business or thinking about it!
August 14, 2013
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When most people start a horse business the last thing on their mind is business management. Hopefully, I can convince you why business management should be at the top of your list before the end of this blog. Now I have your attention let’s break a horse business down into 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. Don’t get me wrong ...

Using your Horse Business Management System to Manage Your Vehicles
July 18, 2013
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We all use vehicles in our horse business, but we generally don’t do a good job tracking, documenting and managing their use. It is often said, ‘the tax man doesn’t know a lot about horses, but he sure knows a lot about mileage, trip logs, and vehicle personal use.Time is a priceless commodity in any business, but particularly in a horse business – there is never enough. Many horse businesses that fail, fail because of the lack of business discipline in prioritizing their time so they have enough time to manage their business. In a horse business too many ‘things’ fall through the crack because of available time. Unfortunately, vehicles are too often one ...

Horse Business Management Connects Preventative Care and Customer Care
July 07, 2013
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The majority of horse businesses involve customer horses. A horse business that involves customer horses has a considerable responsibility to both the horse and the horse’s owner. The business owner is obligated to provide a safe and healthy environment for each and every horse.In the majority of horse businesses, horses are leaving and returning all the time. Therefore, it is the business owner’s responsibility to make sure each and every horse is included in a well-planned, well-executed preventative care program that tracks, manages and documents each horse’s preventative care status. A comprehensive preventative care program should include:The monitoring of a ...

Are You A Horse Business Manager?
June 30, 2013
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The last thing on the mind of most people in a horse business, or considering starting one, is business management and the business management discipline required to be successful. Hopefully, I can convince you why business management should be at the top of your list. The business management discipline component is your responsibility. Business management discipline is mostly acquired and the majority of us need to work at it every day!The failure of most horse businesses can be attributed to the absence of good business management and not using a business management system to help them anticipate, track and measure their business. Recordkeeping and accounting systems are not management. ...