From The Fields: Have a Plan
By Jenny Jereczek, Security Financial Bank, Durand
“If you fail to plan, you plan to fail.” A saying I am sure we are all familiar with and one that has come to mind frequently over the last few years. Planning is crucial to success. Think about the days we don’t plan, what happens? Often time is wasted as we spend time trying to decide what to do or we are easily distracted from the task at hand as we are not sure of our direction or purpose. An important part of the planning process is being intentional by defining the when and how. This will help to drive the action steps within the plan.
As the ag industry continues to experience volatile commodity prices and tight margins, it will be important for producers to have a plan. Each producer is likely to have a different plan with a different purpose whether it be marketing their grain, succession planning, transitioning from an enterprise, or maybe an exit strategy. No matter what the plan is, we as bankers have a role to play in the plan. We have the ability and tools to help the producer understand the financial implications of the plan and help them make decisions that will ensure success. By being a part of the planning process, we strengthen the relationship between the bank and our clients which serves to cement our position as trusted advisors.
Having a plan will help take the guess work out of emotional decisions, will help the team stay focused while increasing productivity and will drive execution. And probably one of the greatest benefits of having a plan is to reduce the stress load as having action plans clearly defined can help minimize uncertainty and prevent feelings of being overwhelmed.
Simple steps for creating a plan:
- Define your goal in writing
- Divide the goal into milestones
- Identify the resources needed
- Prioritize and assign tasks
- Review and refine
Jenny Jereczek is market president and director of ag and commercial banking with Security Financial Bank in Durand. Jereczek currently serves on the WBA Ag Section Board of Directors.
