A new report analysing information from the recent Farm Business Survey outlines the key factors which separate high and low performers in the farming industry.
The report, prepared by some of the industry’s major organisations, including Hibu Cyg Cymru, suggests that the top performing 25% of farming businesses in the UK could make a profit, whatever the outcome of Brexit, simply because they follow certain practices.
Focussing on less-favoured areas of England, Scotland and Wales, the reports looks at what makes some farms perform better than others. They have concluded that there are 8 key factors which can make a difference:
- Minimising overhead costs
- Having a precise business strategy
- Setting goals and budgets
- Gathering information and making comparisons with other businesses
- Knowing what your market is and how to deliver
- Focussing on details
- Being open to change and innovation
- Being disciplined and sticking to strategy
In Wales, the report suggests that the difference between the top 25% and the bottom 25% of farming businesses could be equivalent to £40,000 in income per year.
If you would like to become one of the top performers, we can help you review your business and show you how to adopt these key factors to success. For more information contact our team at Green & Co.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.