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Keeping Sunk Costs From Sinking Your Decisions

Keeping Sunk Costs From Sinking Your Decisions

“Well, I’ve already got so much into this crop, might as well see it through...”

“I spent a whole lot of money to start this project, so I need to spend more money to get it done.”

If you hear yourself saying this, do not make any sudden movements. You are about to sink a decision by considering your sunk costs. “Sunk costs” refers to money that is already spent. No matter your next decision, that money is G-O-N-E with no recovery, so if you try to base your decision on those costs, you could end up throwing good money after bad.

Co-op 101: Seven Ways to Improve the Odds of Success

Co-op 101: Seven Ways to Improve the Odds of Success

Developing and operating a successful business is never an easy task, but operating successful cooperatives can be even more challenging due to their unique business structure and the group dynamics involved. Here are seven ways that a cooperative can improve its odds of success:

Kentucky AgVets Mentor Program Set to Begin in March of 2021

Kentucky AgVets Mentor Program Set to Begin in March of 2021

With the upcoming growing season quickly approaching, the Kentucky AgVets program partners will be matching the first round of veteran participants with mentor farmers. Mentorships will be designed to provide hands-on training and develop a network for veterans looking to start their career in agriculture. Mentorships will start out at 9 months long and can be extended as needed if mentor and veteran participant agree.

Screening for fit: How to save time when looking for grants

Screening for fit: How to save time when looking for grants

When you first find a grant program that could fit your interests, your main source of information will typically be a document called the “Request for Applications”, also called the “RFA” or in federal programs, a “Notice of Funding Availability” or “NOFA”. This document is key in determining if a grant is a good fit for you or your organization and can easily surpass 40 pages in length. While you will need to read the entire document eventually, we suggest reviewing the following sections first:

Fear of Missing Out - The Business Version

Fear of Missing Out - The Business Version

FOMO. Yet another acronym that I had to learn from someone much younger than me. FOMO = Fear of Missing Out. It’s the term associated with people incessantly checking their phones, worried about missing out on the latest news about a celebrity, politics, an earthquake on the other side of the world, your friends’ vacation pics or missing out on experiencing something they are only learning about because of the phone in their hand.