Lightening the load: Building personal and business resilience

Lightening the load – building personal and business resilience

Running an intergenerational farming business goes hand in hand with unpredictable production outputs, fluctuations in income and other financial and seasonal stresses. Being at the mercy of so many external factors can also lead to more personal stresses, such as feeling overwhelmed or a fear of failure.

‘Healthy, wealthy and wise’ isn’t just a saying – it’s now well known that your personal and financial wellbeing are closely intertwined.

The good news is, there are some everyday actions you can take to help build both personal resilience and a more resilient business.

Agricultural Business Advice South Australia

Navigating drought loan applications

There is no doubt that drought has affected us all, in one way or another – personally and financially.

For farming businesses, access to finance is an important aspect of recovering from drought and planning for long-term business sustainability. And while there are several drought support initiatives available for farming businesses and families, the application and approval processes can be onerous and time consuming.

Make hay while the sun shines

If you have put your super planning ‘out to pasture’ due to the competing demands on excess cash associated with running a family farming business, your super balance may not be in tip-top shape.

But making contributions to super just got a whole lot easier… You can now ‘carry-forward’ unused pre-tax contribution amounts from 1 July 2018, allowing you to catch-up your unused super contributions for up to five years. Coupled with the existing rule allowing you to ‘bring forward’ your after-tax contributions to super, you now have real opportunity to boost your super to build your savings for your retirement.

Hindsight is 20 20 Vision

Farm production planning comes with significant stress in terms of maintaining farm business sustainability and achieving profitability, and the fact is, a poor decision can have significant impact on your bottom line for years to come.

What if you could make more informed decisions about production efficiencies and understand the financial impact of different production or planting/stock options before you made decisions – would it help you to achieve better outcomes this year?