OPINION: A message to Biden: We need more oil, let companies produce more oil
FOX Business correspondent Madison Alworth has the details on 'Cavuto: Coast to Coast.'
On the positive side, since none of this impacts your costs to produce peanuts, your profits will increase as consumer demand drives up prices. With all the extra cash coming in, you now need to think about the future. You could just sit on your record profits. But the increased profitability of peanut growing would attract new competitors that start growing and competitively selling peanuts threatening your business. You know that sitting on your laurels is a bad long-term move.
So you consider leasing or purchasing more land and growing more peanuts yourself. That way, even when the supply increases and prices decline, you would have higher total sales and even at your former profit margin make more money than you were before the demand surge. Positioning yourself for future growth is a good long-term plan, assuming you have faith in the future of your business.
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