Farm Budgets, why even the most basic ones are important!

Chris Powell, Rural Partner in our Devizes office is well-versed in the preparation of farm budgets. He explains how they are an essential element to making decisions for your business.

Farm Budgets, why even the most basic ones are important!

Over the last few months I have lost count at how many times the farm budget has saved the day - or not - in several circumstances! Many farmers unfortunately see preparing a farm budget as a waste of time and money. I assist clients in preparing farm budgets for the whole farm and individual enterprises for lots of reasons.

Recently I had a last minute phone call asking the simple question “will this next batch of layers cost me money?” Fortunately we have a budget set up for each chicken unit so 5 minutes later after adjusting the relevant changes in costing we had a the data to make a decision and NOT refill the unit.

Another example recently was when an arable client was presented with the opportunity to take on a new block of land on either a contract or rented basis. We checked the data on current costings as well as new fertiliser and the increased diesel prices enabling us to put a detailed price forward and securing the extra block of land for the next 5 years.

Having a set of working farm budgets is an easy process and habit to get into. Working with the correct advisor gives you the data to make quick and easy decisions. My philosophy when preparing budgets is to work with a client to gather the correct data and present it in a way that can be used and understood easily. The most successful people in life are the people with the best information!

Preparation of farm budgets is just one of the areas where our rural agents can assist farmers and landowners with the efficient running of their business. Contact Chris on 01380 710536 or our agents in your nearest office.

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