Unlocking better decisions

The business of farming is a constant process of decision making. In the complex world of farming, making productive and profitable decisions can be a significant challenge.

“Effective decision making is essential for successful farming. Any suboptimal choice about technology, marketing, staff, production systems, water security, land management or any other consideration on a farm, your productivity and profitability will be compromised,” says CEO of RFCS NSW, Craig Hough.

There are many ways farmers tackle decision making. Generally it comes to a combination of the head – a logical approach, the heart – an  emotional aspect and the gut – intuition shaped by knowledge and prior experience.

“Applying an appropriate balance of logic, emotion and intuition is often required to define what ‘acceptable’ means to a farm business. Farmer A may be willing to accept a lower profit margin to receive greater work-life balance whereas farmer B may want to maximise profit via scale and productivity. What works for one operation may not be suitable for another, but it needs to be driven by personal values, goals and risk tolerance” he says.

Craig says, “preparation is key. Establishing a purpose statement and clearly defined business goals helps keep the bigger picture in focus. Then data and analysis needs to be undertaken to determine what the best option is to provide the highest return on investment.”

Farmers are not alone in navigating complex decisions. RFCS NSW provides tailored support and guidance to help farmers access their unique circumstances. Engaging with a Rural Financial Counsellor can offer valuable insights to enable farmers to make better informed decisions.”

To get in contact with your local Rural Financial Counsellor and access the services of RFCS NSW call 1800 319 458.

ENDS

RFCS NSW Media Enquires

Stakeholder and Communications Manager: Kate Anderson

Email: kate.anderson@rfcsnsw.com.au Mob: 0487 731 788

The Rural Financial Counselling Service Program is funded by the Australian Government and the New South Wales Government and is administered by the Department of Agriculture, Fisheries and Forestry