Knowing your numbers

Richard Tucker was joined by Kate Bell of Evolution ABS Accountants and John Morgan of Creedy Associates who explored the benefits of closely monitoring your businesses financial performance and the importance of planning your next big investment.

They looked at the current business performance at Ditchetts Farm, identifying strengths and weaknesses of the farm and areas for future investment. Kate Bell also explored planning for a large investment and the importance of making sure your business structure meets your requirements. 

• Make full use of your business accounts 
• Benchmark your business against other farms data to see where you might be over or under performing 
• Ensure you plan for large investments and be sure to include potential hidden costs- be realistic - dont plan to fail
• Consider the impact and of major investments your are looking to make and measure them againt the overall aims of your business - be honest as to whether they meet them