From the Director of Agriculture, Roddy McLean
Farming is like any other business, it has its peaks and troughs and there are various factors beyond an individuals’ control that can mean things don’t always go our way.
However, as always there are several elements that can be implemented, monitored and reviewed which are within scope for many. Here, Roddy McLean, director of agriculture for NatWest, gives his top business tips for farmers.
1. Embrace change and opportunity
With Brexit on the horizon, farmers should view this as another catalyst for change and consider how this could lead to new opportunities.
Roddy warns not to use Brexit as an excuse to let businesses stagnate and urges people to keep driving forward focussing on the areas that can be controlled and influenced. For this, a mindset that is open to challenge and change will be needed.
2. Plan ahead
He also suggests that farmers consider carrying out a business audit to understand the resources available within a business, the graphic below provides some food for thought here.
Farming may be the cornerstone of your business but consider what else you and your enterprise could do to achieve the best return from your assets. Remember, what is perhaps not an opportunity now, may be in the next five years and it’s therefore worthwhile investigating this now to get ahead of the market.
It’s also just as important to understand what the limiting resources (including capital) are within the business, why this is the case, and what actions can be taken to work with or overcome these limitations... Click here to continue reading this article from NatWest for free on The Business Barn >>>
Farming is like any other business, it has its peaks and troughs and there are various factors beyond an individuals’ control that can mean things don’t always go our way.
However, as always there are several elements that can be implemented, monitored and reviewed which are within scope for many. Here, Roddy McLean, director of agriculture for NatWest, gives his top business tips for farmers.
1. Embrace change and opportunity
With Brexit on the horizon, farmers should view this as another catalyst for change and consider how this could lead to new opportunities.
Roddy warns not to use Brexit as an excuse to let businesses stagnate and urges people to keep driving forward focussing on the areas that can be controlled and influenced. For this, a mindset that is open to challenge and change will be needed.
2. Plan ahead
He also suggests that farmers consider carrying out a business audit to understand the resources available within a business, the graphic below provides some food for thought here.
Farming may be the cornerstone of your business but consider what else you and your enterprise could do to achieve the best return from your assets. Remember, what is perhaps not an opportunity now, may be in the next five years and it’s therefore worthwhile investigating this now to get ahead of the market.
It’s also just as important to understand what the limiting resources (including capital) are within the business, why this is the case, and what actions can be taken to work with or overcome these limitations... Click here to continue reading this article from NatWest for free on The Business Barn >>>