Recently, I heard a great podcast on Head Shepherd in relation to running a high-performing farming business.

One topic that piqued my interest was the conversation around external advice, which was termed as buying brains.

This high-performing agri business willingly invests $180,000 a year in finding the right advice in varying areas.

There were so many points that came up from listening to this podcast.

One was the realisation that outside assistance would add value to the business.

In this case, it started with a business coach who challenged the owner to think about the why and then the how.

An advisory board was in place, as were external informal mentors.

Of the four mentors, two are extroverts and two are introverts.

I have seen this dynamic work on other boards.

The business owner is showing great self-awareness in knowing the power of diverse styles of communication and thinking, this contrast normally leads to better decisions.

I am not sure how many of these external advisers were outside agriculture, but I suspect more than one.

This is something I have noticed over the years.

Having a view from someone who does not understand the operations of the business in detail can be valuable.

Sometimes the best questions can come from those who look at the business with a fresh set of eyes; curiosity and inquisitiveness can lead to epiphanies.

Using other people’s money is a core element for this livestock business.

But this is on the back of knowing the cost of production and level or profit out the other end, via the use of forward contracts wherever possible.

Most chief executives are not at the coal face of businesses.

This should be a case for a forward-thinking farming operation, also.

Some agribusinesses are large and should be operating a similar model.

This ensures the business owner is not doing the $50 an hour jobs but is concentrating on the $1000 an hour jobs.

Of course, within a family farming operation the CEO is invariably a family member and on the tools some of the time, as long as sufficient focus is put towards leading the business.

Being open with a group in relation to financial performance can be empowering.

Many business owners struggle with this concept, but for those who have taken the plunge and share everything about their business with a small group have never looked back.

These groups tend to attract people who want to learn and improve, and they also want others to have the same experience.

There is no judgment, only ongoing support.

Confidentiality is a core tenet of these groups.

Being open and honest will tend to attract criticism from outside, but this does not matter.

As the business is trying to improve its performance, what others may think is of no relevance.

Those agribusinesses with a clear goal and a plan will invariably succeed in the long-term.

There will be bumps, but the destination will be worth the journey.