Farm Planning is a vital decision making process in your farm business, whether it is a green field start up, expansion of an existing enterprise, a change of enterprise or simply a new entrant taking over the family farm. The Farm Plan should take the format of a five year plus document with built in and timely revision provisions. This plan can be used by the farm family or business to balance the quality of life they desire with the farms resources. The plan must address a broad spectrum of components such as family values and goals, business analysis and plan, retirement plans, transition plan, estate plan and investment plan.
Most farmers do some kind of planning on their farms nearly every day, but a Whole Farm Planning approach is very distinct because it ties in all the aspirations and bases it all on a long term vision your family has for itself in the future. It is a farmer controlled, voluntary and flexible. The plan is owned by the farmer. The Members of The Agricultural Consultants Association are well placed to help, advise and prepare this plan and furnish a completely independent analysis of your farm business.
The main components of a Farm Plan will include the following:
(1) Land and stock management plan
(2) Financial Plan
(3) Capital Expenditure plan
(4) Succession and Estate Planning
It is very important while preparing your farm Plan with your advisor that in each planning area, work into the plan a what — if scenario. Always plan for the unexpected, and always ensure to prepare and adhere to a Farm Safety Plan.
The final stage after developing your Farm Plan that is compatible with the goals set by you and your family is to monitor progress regularly with your advisor. AS the Plan is being implemented, always evaluate how the Plan is performing and make corrections and refinements as time goes by. This is a Live Document and maintain records to check your progress.
Finally, remember you are not alone in this important process. Our professional and independent ACA Consultants are there to help and advise. The various parts of of your Whole Farm Plan are like spokes in a wheel. All need to work together in harmony for the long term success of the operation.
Please contact Angela Casey, ACA Administrator for further details. Stay connected with us.