A time of uncertainty is a time to sharpen up your farm plans

No one knows the answer to this question with any degree of certainty and this is very much the case in the agricultural and many other commercial businesses sectors.

In times of uncertainty, taking stock of where your business is and taking time out to think through what your future strategy may need to be and how you need to implement that has great benefit.

This can help minimise the risks and threats that change may bring and will be a springboard to getting your business in the right place to make the most of any opportunities that will undoubtedly arise.

Most lenders now look for a business plan to support any request for borrowing facilities and one of the main reasons for me joining Berrys was to be available with my agricultural banking background to support clients through this process.

One of my old bank senior managers used a phrase that has always stuck with me - “a failure to plan is a plan to fail” - and the merits of committing your thoughts and ideas into a plan for the next five years or longer cannot be emphasised too strongly.

If you are thinking of diversifying or starting up any new business you will definitely need a business plan.

The business plan should include: overview; objectives; ownership; people; accounting information; current balance sheet; proposal detail including set up cost; forecast profit and loss/cash flow; risk management; marketing plan; succession plan.

Preparing a plan is, however, not the end of the process, it is just the beginning. To get the maximum benefit you need to keep the plan as a “live” document, review and update it regularly and monitor ongoing progress against the initial goals you set.

We have recently completed a business plan for a new poultry start up. We were able to help with the planning, business plan, approach to lender and monitor of the project to the point of the chicks being placed.

For an existing business the starting point of the business plan process needs to be a review of where the business is and a “health check” based on recent performance. An initial meeting at Berrys is being offered at a relatively low cost at present.

Mark Lord, business consultant at Berrys, Shrewsbury