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Farmers told not to let inefficiencies creep back in

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Farm accountant Old Mill has encouraged farmers to review their business strategies in the New Year

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Farmers told not to let inefficiencies creep back in

Farmers have been warned not to let inefficiencies ‘creep back in’, as commodity prices improve during the start of 2017.

 

Farm accountant Old Mill has encouraged farmers to review their business strategies in the New Year
Dan Knight, director of rural affairs at farm accountant Old Mill, said while the past year had been tough, it had pushed farmers to find cost efficient drawn-up succession plans and reviewed their business strategies.

 

Long term


As commodity prices have started to increase, he advised farmers to take the opportunity to look longer term.


Mr Knight said: "The weak pound means British agriculture could enjoy a buoyant couple of years, so it is important to make and keep as much money as possible, in case another downturn – or loss of Government support – sits on the horizon."


He advised farmers to use the New Year as an opportunity to ‘examine the direction’ of their business.


He said: "To begin with, it is essential to have a frank conversation with everyone who has an interest in the business.


"Involve future generations and ensure every party is clear about their personal and business objectives. These may not be to maximise turnover, but to earn enough to have the lifestyle of choice."

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