Planning for the Future and Making Investments

Forward Planning

Business changes such as new investment or enterprise changes will impact on business finances and business operation
Life-time objectives such as children’s education and retirement plans should be included and provided for in any long-term planning exercise
By preparing a written business plan the process for implementing the change can be set out, costed and assessed by the farm household and any other interested parties

Minimum Requirement

• A written plan outlining the farm resources available, the planned change, the quantifiable risks and the financial impact of implementing the change

Teagasc recommends a 2- Step Forward Planning Process

1. The Thinking & Project Scoping Element

   • Teagasc My Farm, My Plan - Planning for my Future (PDF)

   • Completed by the farmer with adviser backup

   • Fundamental in taking “Ownership” of the plan

2. The Full Financial Plan Element

   • Showing the starting position and the financial projections for five future years

   • Financial projections include cash flow, balance sheet and sensitivity analysis

   • Mainly completed by professional adviser with input from the farmer