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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 (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