Farmers who want to boost profits and plan ahead better by improving their business management skills can get help and advice from a new government guide published today by Defra.
The new two-part booklet 'Figures for a Farming Future - Getting Started in Farm Management Accounting' aims to help farmers map out a viable financial future, and sets out simple ways of making better use of accounts.
It also introduces basic farm business management techniques to help farmers plan ahead and assess options for change.
Accounts from a fictional 'Home Farm' are used to illustrate a step-by-step approach to smarter, more effective accounting, to make the guide as user- friendly as possible.
Food and Farming Minister Lord Whitty said;
"Managing a business effectively is more important than ever in the current climate of CAP reform and changes in agriculture. More and more, decisions will have to be made based on market signals rather than subsidies.
Our guide is designed to help farmers make sound business decisions, but they should also get advice from other sources when assessing their business performance. This could be from their own accountants or consultants.
Sir Don Curry said;
"These booklets form a key part of the Sustainable Farming and Food Strategy. They are aimed at all farmers who wish to raise their skills in business management, planning and budgeting.
"They cannot provide all the answers, but they do provide a starting point. The Food Chain Centre has gathered evidence from farmers who practice benchmarking techniques like these and shown that it can produce beneficial results."
The first booklet, 'Using the Farm Accounts to Point the Way' was circulated with this week's issue of Farmers Weekly magazine. The second, 'Mapping out a Farming Future', will follow in the 12 March edition.
The Country Land and Business Association, Forward Farming (Elite Consortium), HSBC, The Royal Bank of Scotland, Barclays Bank, Lloyds TSB, the Red Meat Industry Forum, the British Institute of Agricultural Consultants, and the Farm Business Advice Service, the Home Grown Cereals Authority, and the NFU will have copies of the guide.
The guide is also available free on request from Defra at: Defra Publications Admail 6000 London SW1A 2XX
Tel: 08459 556000
www.defra.gov.uk/farm/fbadvice/farm-accounting/index.htm
