Sponsored: Perform a U turn if safe to do so: farm planning in the post-Truss era
Just when you thought the farm production vs environment conundrum was over, the recent Truss administration was considering going back to the drawing board. Where to from here for farmers and land managers? Figured finds out more
The recent government decision to review the roll out of the Environmental Land Management (ELM) scheme has highlighted that uncertainty over the future of farm business finances is unlikely to end soon, in a protracted period of change unlike any that has been faced in living memory.
This uncertainty over the future of government payments, whether that be thorough ELMs or though area-based schemes more akin to the Basic Payment Scheme (BPS), comes at a time when farmers are operating in a market with rapidly rising inflation and volatility in the markets for farm output. It begs the question for farm businesses and their advisers: how on earth can you plan for the future with this lack of certainty?
IAgrM National Farm Management Conference
The theme of balancing food and environmental security is on the agenda at the upcoming, industry-leading IAgrM National Farm Management Conference on 1 November.
Chair of the Institute of Agricultural Management, Carl Atkin, highlighted a recent survey conducted by IAgrM in which ‘78% of respondents believe there is a direct conflict between food production and the delivery of environmental outcomes’.
This perceived conflict between food production and the protection of the environment is also compounded by "the latest governmental changes, and particularly the change of Defra minister". This has added extra uncertainty into the equation and "only time will tell how these changes will impact UK agriculture".
For farmers and their advisers wishing to find a way to plan for the future, utilising real-time insights from actual farm financial and production data - Figured is on hand to assist. Figured integrates with the leading cloud based accounting software, Xero, which enables farmers, estate owners, consultants and consultants to collaborate on one set of actual and forecast data.
Farm businesses can now plan up to 10 years in advance using the Figured annual scenarios tool, or use the advanced planning tools to produce detailed monthly P&L and cashflow forecasting.
When so much is changing so rapidly, being able to react and re-forecast quickly and accurately is critical. To find out how Figured can benefit your farm business, get in contact, or if you will be attending the IAgrM National Farm Management Conference on 1 November, do come to the Figured stand to speak with the team about your farm financial management goals.