Expert advice

• Farmers have many strengths and skills, and their ability to adapt to change is possibly the most fundamental.

Given the transformation under way in farm support payments, it is now more vital than ever to look at both the whole business and the performance of the individual enterprises that contribute to overall farm income.

While reviewing the opportunities available to your business, consider issues such as personnel strengths and skills. Try to measure available time, the impact on staffing and financial risk, as well as location, the marketplace and potential for higher-value products.

Whether these initial discussions take place amongst the family members themselves or with the input of farm advisers or a bank manager, most businesses can really benefit from a comprehensive review.

Once these discussions are complete, the next stage will include looking at the finances for any new venture – both in terms of funding required and the potential for income generation. At this stage, professional advice from your bank manager can really add value.

Diversification will not provide the answer for every business. But for some it represents a positive way to increase income and thereby provide a platform for ongoing business development.

That’s exactly what the Battarbees have done – built on their existing skills and resources to move their farm into a new and higher-value market.

• For more on how to develop your business to its full potential, speak with your local NatWest Agricultural Manager, or call 01332 222887