Whilst many businesses are understandably wary about the outcome of Brexit, few are prepared to wait for a political outcome before considering their business position, and are actively reviewing performance and implementing measures to protect their trading status. Assessing performance and planning for the future are important priorities for all industries at the moment.
Agriculture is no exception, though whilst stock-piling commodity inputs is a low priority for farmers, a formal assessment of business strengths and weaknesses and identifying potential business options and opportunities to confirm future business direction is a sensible initiative for all farmers to take.
A pre-requisite to sound financial planning is having farm performance critically appraised by someone who is qualified and independent. A review is not designed to be complicated or time-consuming or to merely highlight known challenges (which all farms have). It should be thorough and focussed on identifying cost of production and critically assessing physical / financial performance against recognised industry bench-marking data, whilst identifying opportunities and management options to enhance overall trading Profit and business viability.
It is also important to develop personal objectives and to ensure available skills, resources and assets are fully optimised to enable informed decisions to be made.
For a no-obligation discussion on how our Farm Business Appraisal service may assist your business, please give us a call on 01832 732241 / 07736 143630.
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