For some primary producers, running a business according to best practice management techniques is something to aspire to, but for many it's not always easy knowing where to start.
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To help farm business owners understand what best practice looks like, Agriculture Victoria is presenting four webinars this year which focus on the core areas of running an agricultural business.
The areas include planning, budgeting, managing profits and succession planning.
The first three webinars will be presented by Meridian Agriculture farm business consultant Paul Blackshaw, while the webinar on succession planning will be presented by lawyer Claire Booth, a Nuffield Scholar and cropping and beef farmer.
Mr Blackshaw said the webinars would help with the short and long-term running of a farm business.
"The more you understand your business and where it is heading in the longer term, the more you can make informed decisions," Mr Blackshaw says.
"Planning and budgeting gives you the roadmap for financial performance and allows you to identify deficits or opportunities and make adjustments along the way.
"As for managing profits, a lot of businesses are generating profits they haven't been used to in the past."
He said it gave business owners an opportunity to understand how those profits could benefit the business in the long term.
The free, one-hour Farm Business Essentials webinars will be held at 7.30pm on:
- Wednesday October 27: Planning: How to develop, document and use strategic, tactical, and operational business plans.
- Wednesday November 10: Budgeting: How to create a budget, review it regularly, and use it as a communication tool.
- Wednesday November 10: Managing Profits: How to make the best of high prices and good conditions and ensure business profits are put to best use.
- Wednesday December 10: Succession Planning: How a succession plan helps a farming business manage succession challenges.
Register for any of these online events by 5pm on the afternoon of the webinar.
To register, visit agriculture.vic.gov.au/events.
