Writing a business plan
Farms that write a formal long-term business plan are more profitable than those that don’t.
Writing your ambitions down is one of the most successful ways to visualise what you want to do and so make it happen. However, only 19% of farmers have a written business plan.
Without a goal or ambition, you will not know if you have achieved what you are working towards. By sitting down with business partners and family members, you can discuss what each other wants to achieve (financial and non-financial) and ensure your aspirations are aligned. Writing them down as a more formal business plan will then help you communicate your strategy, make decisions and achieve your goals.
Business planning webinar
In March 2019, AHDB ran a webinar focussing on a bank manager's view of a business plan, which covered:
- How a business plan communicates the way forward for partners, advisers and technical specialists
- When should a business plan be prepared
- What are the basics that the business plan needs to cover
- Possible risks that could be encountered and the use of sensitivity analysis
- The importance of monitoring performance against the plan
Watch a recording of the webinar below: