New guide for farmers looks at options to change

Many farmers no longer rely exclusively on returns from agriculture to drive their business, but it is a fact of life that success now depends on developing increased income from the overall farming asset base, and to do that change is inevitable.

To help in this decision process the new Lloyds TSB Agriculture publication ‘Your guide to managing change in your farm business’ looks at various options for change and provides real-life case studies to demonstrate what can be achieved.

"It is often clear that farmers themselves are too close to the business to spot all the opportunities open to them or even to accept that radical change is necessary if their business is to continue to be viable and indeed prosper," explained Tim Porter, Agriculture Director, Lloyds TSB Business Banking.

"We hope this practical publication will help by looking at the many routes forward for farm businesses including improving existing farm business performance, expanding the farm business, adding value to your farm inputs and ‘downsizing’ the farm business.

"The guide also looks at some more radical options for change for those that decide they no longer want to be involved in active farming, as well as the issues facing those embarking on their first farming business who want to consider their opportunities as the industry restructures.

"Using this guide, as well as seeking outside specialist advice, can be the right combination to unlock hidden opportunities in making the decision to expand, down-size or exit the farming business. Our local team is always on hand as part of that decision making process," he said.

Free copies of ‘Your guide to managing change in your farm business’ are available by ringing Lloyds TSB Agriculture on 01264 386248.