Defining and reviewing personal and business goals is essential in planning for the future. Often farmers have an idea of how they want their business to develop but may lack necessary management and planning skills.
For desired changes to occur, it is vital to plan effectively. A business plan puts your new objectives in place and sets an achievable timetable to work to; and, with regular reviews, can help you cope with unforeseen problems and make necessary adjustments.
This information will help you assess what is important for you, what you may need to focus on to take your business forward, and the financial considerations that may affect your plans. After determining your current situation and future aims, we will guide you through producing a written business plan to help you succeed.
Planning for your future should not be a solo task. The external skills of a consultant, bank manager, accountant or solicitor could help, if required, and you should have open and honest conversations with your family, business partners and employees. There are also organisations to give support, if needed.
Assessing your situation
The following questionnaires will help you to put your current situation down on paper, to gain an understanding of where you want to be in the future and how you might get there.
- Personal objectives consider what is important to you personally and where you see yourself in the future
- Business objectives explore where you would like to be in 2, 5 and 7 years’ time in relation to business turnover and profitability. It will also look at the potential risks to your business and how to manage them
- How can looking at price movements on a long-term basis help your business? The long-term pricing resource explains how you can put prices in context by navigating through the peaks and troughs of price volatility.
- The Brexit Impact Calculator allows you to input data about your business to understand and plan for future scenarios. If you do not have farm data to hand, you can still use the calculator – default figures for sectors are provided