continued from page 25 



time to develop employees, and inadequate time 

 spent by man-agement on developing business plans. 

 Fifth, maintain a reserve. In an up-cycle, some-times 

 business managers and bankers tend to stretch too 

 far. In the 1970's. this was mitigated by inflation 

 allowing for repayment of business decisions with 

 cheap dollars. In 1990, with low inflation, repayment 

 of debts is with more constant dollars. Now the 

 value of having a reserve is higher. This may mean 

 paying some income taxes. Challenges such as fire, 

 wind, and down-cycles occur; so one of the essential 

 steps in managing in an up-cycle is to save. 

 These five steps for managing in an up-cycle are just 

 some of the ideas that can be obtained from our 

 consulting department. To set up a consulting visit, 

 contact your local Farm Credit Service Branch. In 

 closing, I remember the statement that "Businesses 

 do not plan to fail, they fail to plan". 

 William J. Martin majored in Animal Science and 

 Agricultural Economics at Cornell and graduated 

 from there in 1975. He's worked with agricultural 

 loans since then, working with the Farm Credit 

 System as Loan Officer and Tax Specialist since 

 1980. Bill's currently Branch Manager of the Bedford, 

 NH, office of Southern New England Earm Credit, 

 ACA. Ear information or advice, write him at 2 

 Constitution Drive, Bedford, NH 03102, or call him 

 at (603) 472-3554. •>* 



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