Halfway through calving – is your budget still on track?

Budgets are developed with the best information available at the time, but farming rarely follows the plan exactly. Changes in feed costs, animal health, labour requirements or weather conditions can all influence how your season unfolds.

Rather than waiting until the end of the financial year, take some time now to compare your actual spending against the budget you set at the beginning of the season.

Ask yourself:

• Are expenses tracking where you expected?
• Have any costs been higher than anticipated?
• Are there areas where you've spent less than planned?
• Has your expected income changed?

As the busiest part of the year begins to ease soon, it's a good time to shift your focus toward spring and the remainder of the farming year.

Capital purchases

If you've been considering purchasing new machinery, upgrading infrastructure or investing in your farm business, before committing, ask yourself:

• Does this purchase still align with my business goals?
• Will it improve productivity or profitability?
• Can my current cashflow comfortably support the investment?

Taking the time to assess major purchases can help ensure they continue to support your long-term objectives.

Setting goals for the rest of the season

Successful farming businesses don't simply react to what's happening, they also plan ahead.

Take the opportunity to revisit the goals you set at the beginning of the season. Whether your focus is increasing production, reducing debt, improving profitability or preparing for succession, regular reviews help keep your business moving in the right direction.

Small adjustments made now are often far easier, and less costly, than trying to recover later in the season.

If you're still relying on spreadsheets for budgeting and forecasting, it might be time to explore a smarter option. As a Platinum Figured Partner, we help farming businesses use Figured to simplify budgeting, forecast cashflow and gain real-time insights into their financial performance. 

Get in touch with your MBS advisor to find out how Figured could support your farm.