Business Planning

 

Business plans are a standard part of any good organisation. Usually they are key components in Farm & Non-farm businesses. Rural, Farming and agricultural businesses need both a Business Plan and a Farm Plan. Most include the business plan as part of the Farm Plan as they are interrelated.

 

The key difference is that Business Plans, for the most part are concerned with economic factors, whereas farm plans recognise the impacts that the natural environment such as: climate & weather, soils, vegetation, water and other natural resources, native and introduced pest animals and weeds and much more, have on the business activities.

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There is no more harsh reality check of the interrealtionship between economics and the environment than when rain fall stops or winds blow away your topsoil or floods.These impacts need to be identified and management strategies developed and regularly assessed, reviewed and managed, to counter or harness the impacts these features have on the business..

 

Business plans are an important part of any business, and important to keep small businesses on track. In good times, you can update and refresh your business plans, add that "hair-brained" idea, and plans for the future that have evolved with the seasons.

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One day, you may get to explore that scheme that hit you at 3am one morning... or it could end up being the new direction that saves your business in this world of health and economic challenge.

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Most of us have put together a business plan when we first started our operations "just to get the loan" from the bank. Others may have had to drag it out when applying for membership to professional and business organisations, and made an update.

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Business plans should be consulted and modified regularly.

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When was your last update?

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If you haven't updated your business plan recently, or in all this economic and health turmoil, thought about a New Business plan, you may already be behind the 8-ball! Better late than never!

 

I recently heard a national farmers representative, commenting on the Business Plan funding, say that,

 

'...we may not have a plan written down,

but we certainly have one in our heads...'

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Another skeptic  questioning the allocation of this as a funding priority suggested that,

 

'... business plans have been done to death...'

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If you have done your business plan to death, then you will be well prepared and already implementing strategies , diversifying your income, making savings, already indicated in your business plan, to counteract the effects of the economic and health down turn.

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If you haven't done your business plan "to death"... then maybe now is the time to get one down! Maybe you can make time during the down-time we have had since the Start of 2020? Make use of the copious amounts of "inside" or "office time" we have.

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Remember to claim all this extra "office time" and online expenditure... the ATO is already accepting standard claim allowances.... see your financial advisor.

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Hopefully things will get back to the "new normal" we all hear about, but in the mean time, while things are slow. Wrap your head around the business plan you have stashed away in the file cabinet.

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Government incentives

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Even if the shut-downs and suburban lock-downs haven't directly affected you, the slowed global economy (markets, shipping & Transport, travel) and the expected long lead-in time or ramp-up will not be as optimistic some politicians have predicted.

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Do you have a plan to weather the long period of ramp-up?

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The government has implemented a spending package in recognition that property owners may need to be flexible, creative and agile and are providing funding for property owners to review, amend and update their Business plans.

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Being "agile"

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We often hear of successful businesses needing to be agile. Your new business plan might include more online sales, using the online environment more to develop sales, take advantage of new business opportunities, value adding, increased customer interactions (social media website development, blogs, updates, new offers) and new marketing strategies.

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Where once your business was a bricks and mortar, "produce something and sell it".. the "New Normal" will need a new Business Plan to cope with the pivot from simple production to a more customer focused operation.

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You were handy with your stock animals or plant variants and biosecurity or organic status, but how are you IT, Advertising, Marketing and creative writing skills?

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Time to up-skill!

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