Time to hold review
WITH farm incomes tumbling, now is the time to conduct a review of your businesss technical and financial health.
So says Grant Thorntons Gary Markham, who expects arable incomes to drop more than 50% in 1997/98.
Such reviews have, says Mr Markham, been something that the best-performing 10% of farms have always done. And this group typically makes twice as much profit as the average.
But now all farmers need to conduct them. "Anyone who wants to stay in business needs an outside opinion," he says. "Having a third-party view is useful because farmers and managers are often so closely involved with the business on a day-to-day basis."
But it is not all doom and gloom, with expansion opportunities available. The principle for investment should be "go liquid", with cash-conservation and profit maximisation key aims. *