As we approach the end of the financial year, now is the time to review your farm business and ensure you are on track for success. The Rural Financial Counselling Service NSW is a professional, confidential and free financial counseling service that can help you improve your farm business, whether you are planning for growth, succession or sale. There are many services and support that our team can provide to assist farmers.
One of the best ways to maximise the efficiency of your farming business is with a thorough business review. This in-depth review will provide you with valuable insights into your current performance, identify areas for growth and highlight future opportunities. By reviewing, you can make informed decisions that lead to long-term success, identify new opportunities and mitigate risks.
Bank reviews are another important aspect of maintaining a healthy business. They serve as a financial health check, helping banks understand their risk and ensure you can continue servicing your debt. While these reviews can be stressful, RFCS NSW makes the process as smooth as possible by offering support and guidance every step of the way.
Setting clear goals is crucial for any farming business. Goals provide direction, keep you focused and drive your strategic decisions. Whether you are setting short, medium or long term goals, we can help you define a clear path for your business and your life.
A business plan serves as a roadmap for a business. It guides you toward your goals by analysing factors like your business’s purpose, target market, competition, strengths and weaknesses, opportunities and threats (SWOT). Just like a map helps you avoid getting lost on a trip, a well-developed business plan minimises uncertainty and helps you navigate challenges effectively.
Farm budgeting, particularly cash flow budgeting is essential for understanding the financial impact of your on-farm decisions. Despite the unpredictable nature of farming, having a cash flow budget is critical. RFCS NSW can help you create an accurate cash flow budget, understand your farm’s cash position and anticipate best, worst and average cash outcomes. Ensuring that your farm income covers all running costs and produces a profit is key to maintaining and growing your business. A profit target helps determine the size and type of business needed to meet your income requirements, repay loans, pay taxes, reinvest and cover living expenses.
Making decisions in farming involves evaluating different options to select the best one to achieve your goals. Factors like weather conditions, soil quality, market demand, financial resources and environmental sustainability all play a role. RFCS NSW provides tools and techniques to make decision-making simpler and more effective.
Succession planning is all about creating a strategic roadmap for smoothly transferring the farm business and assets from one generation to the next. RFCS NSW plays a crucial role in facilitating this process, ensuring a harmonious transition.
Risk management is about identifying and managing the inherent risks in farming. Whether the outcomes are positive or negative, RFCS NSW helps you handle these risks effectively, preparing your business for any eventuality.
Accessing government support can be overwhelming but RFCS NSW is here to help. We assist you in understanding what assistance you might be eligible for, explain different loan interest rates and help you consider long-term business changes to improve your financial position.
For more information, please click below to access our “Unlocking Success” booklet which contains tools and tips for your farm business. To speak to your local Rural Financial Counsellor and access the services of RFCS NSW call 1800 319 458.
