Farm Table says:
NOTE: Our original link to the source document is broken at March 2019, but will investigate if it has been moved or been deleted 🙁
This PDF explains why farm business planning is such an important ingredient, particularly in tight times.
Good business plans are not just used for loan applications, starting a new business or attracting investment. Other uses include:
- reviewing the business’ direction, and setting goals and responsibilities to guide it. Defining agreements between partners
- evaluation of new ideas towards enterprises, capital expenditure and expansion
- assign actions, measure and track implementation
- succession planning
Three case studies are provided:
- Exiting on your terms: “Glen Lamond” at Delamere, is a family owned dairy business running on 210 acres. It has operated since 1983 with family labour, that is now grown up and with their own careers and families.
- Expanding with limited capital: “Hermitage Meadows” at Hope Forrest, is a family owned dairy business that has just entered the dairy industry—since July 2012. Currently building cows numbers, it runs 139 jersey cows. The business and land have been purchased on vendor finance terms.
- Reviewing our future: “Rivington Partners” at Back Valley, is a family owned dairy business that has been operating since 1923. It is an example of one of the bigger dairies on the Fleurieu Peninsula milking over 350 Friesian cows at high milk volumes. It is also one of the older dairies having started as a dairy in 1923.