Get Farm Financially Fit - Benefits
Benefits from Better Farm Financial Management
- The farm – I will plan the changes to my farm and my farming system
- Infrastructure - I decide when new or additional infrastructure and facilities is put in place
- Costs – I will know my cost base and be able to identify savings
- Banks – I can use my plan to help deal with my bank
- Schemes – Maximise income from farm programmes
- Cash – I know that I will have enough cash to keep farm, family and repayments met while putting my plan in placeWhy am I farming?
Affected by Price Fall or Bad Weather Events
- Knowing where cash flow comes under pressure.
- I will be able to review and prioritise spending so that current spending can be focused on those expenses that provide an immediate rather than a long-term return.
- Identify areas where costs can be trimmed
Making Investment Decisions
- Costs for Investment – I know in advance the cost of putting your plan in place
- Extra income from Investment – I know what extra income will be generated
- Labour – I know in advance what extra labour will be required.
- Identify household cost savings
- Identify alternative income generation opportunities