Smithfield 2004 puts spotlight on diversification

Farmers looking to diversify their businesses will have the ideal forum at this year's Smithfield Show, from 2 to 5 December, with the introduction of the new feature FarmOptions, sponsored by Lloyds TSB. A wide range of companies and organisations will provide advice on how to extract value from existing farm assets, cope with new opportunities and develop new income streams.

The introduction of FarmOptions comes on the back of research, undertaken by Lloyds TSB last year, which showed that two-thirds of farmers in England and Wales intend to step up or start diversified enterprises on their farms over the next five years. Currently, these kind of secondary enterprises account for just 8 per cent of total farm income.

Inside the new feature, visitors will find a central information zone providing advice on financial planning for diversification and the required business skills. Surrounding that will be four distinct sectors covering environment and conservation, rural asset management, leisure and tourism, and added value food.

"Farmers' businesses are under relentless economic pressure," explains Sue Graves, Smithfield 2004 show director. "FarmOptions has been set up to help alleviate this, by helping farmers identify and develop new, profitable enterprises. The feature will also provide an ideal forum for suppliers to the industry to gather and display their various products and services to a large, agri-business audience."

A wide range of leading companies and organisations have already signed up to FarmOptions including Acorus Rural Property Services, ADAS Management Consultancy, the British Institute of Agricultural Consultants, the Camping & Caravanning Club, the Clay Pigeon & Shooting Association, John Bowler Agriculture, the Royal Institute of Chartered Surveyors, 101 Media, the Environment Agency and main sponsor Lloyds TSB.

According to Tim Porter, agricultural director at Lloyds TSB Group: "Diversification is becoming a key strategy for many of the businesses we deal with. To succeed with these projects, operators need knowledge, management and operational skills that are not always at hand, which is why this new feature at Smithfield 2004 has such an important role to play."

Access to clear, practical information is to be a central theme amongst exhibitors at FarmOptions, so that complex issues can be discussed with farmers in order to find manageable solutions. One exhibitor, the British Institute of Agricultural Consultants (BIAC) will be on hand at the show to help farmers access such information. "FarmOptions will be a very useful one-stop shop for visitors," said Anthony Hyde, chief executive of BIAC. "It will help us turn science into practice, which in terms of farm diversification crucially means extra income and profit."

The new feature will also help British farmers face changes currently taking place in the industry. "2005 heralds new opportunities for both the farmer and the environment," said Jamie Letts, agricultural policy advisor for the Environment Agency, another FarmOptions exhibitor. "The industry has a real opportunity to have the environment at the heart of their business. It can pay or it can penalise. We need to look after our soil. We need to improve the quality of our water. We all want to reduce waste."

"We will be at Smithfield to ensure that farmers have the knowledge to safeguard their single farm payment and to explore how simple 'best practices' can improve the environment and give financial gain."

Limited space is still available for companies wishing to exhibit at FarmOptions. Contact Smithfield 2004 for details on 020 7370 8325.