Dairy tenants who have been farming for less than six years are being offered help to plan for a profitable future by the charity Dairy Futures, with a free business appraisal.
The financial year end for most businesses is an ideal time for this type of a review. It can quickly give the necessary information to make plans for the future based on the facts, without waiting months for annual accounts.
“The last three years have proved to be a very difficult time for tenant farmers in the dairy sector and even more so for new entrants, who are still in the early stages of setting up their businesses,” says Dairy Futures chairman and tenant farmer David Homer.
“We have been impressed at how the tenants we have been supporting have managed their businesses, kept costs low, focussed on what matters and worked hard to be in a position to benefit from improved milk prices. These, and other tenant farmers we can assist with the charity, want to progress and expand, but they need to be realistic about their current financial position, equity, resources, potential access to finance and the risks they may take.”
The objective of the one-off farm appraisal visit is to help the tenant understand their financial status, equip them with tools to monitor progress, to identify areas for improvement and to signpost appropriate sources of further help.
Dairy tenants who have been farming for less than six years in Scotland, England and Wales can apply for an appraisal. Priority will be given to those deemed most in need of support, via telephone interview if necessary, although it is anticipated appraisals can be offered to all eligible applicants.
Dairy Futures charitable objectives are to help new entrants through the first 10 years of running their own business, through offering business support, mostly in the form of mentoring and reviewing business plans.
For an application form please e-mail futures@dairyfutures.org.uk or phone 01926 711941 or see www.dairyfutures.org.uk for more information.