Climate change, new trade deals, changes to agricultural policies – these are just some of the difficult challenges to face farmers in recent years. In response, the Agricultural Productivity Task Force (APTF), working in conjunction with the UK government, have published a free handbook to support farmers.
With the aim of improving farm productivity and profitability, the handbook provides guidance on business development, potential cost savings and business planning to navigate the current transition period.
The handbook has been designed to benefit anyone within the farming industry, from new entrants to the sector, to those planning for retirement – or those simply wishing to expand their own business and future-proof it against the changes ahead.
The Business Models Handbook has been divided into five steps. Steps one to three are designed to help assess the current business model, identify the assets and skills required to take the business further, and provide guidance on how to balance risks against the potential future benefits.
Step four provides further details on some common business models, including information on the legal framework required as well as tax considerations.
Finally, step five provides key information on longer term planning and creating options to deal with inevitable changes to the farming industry in the future.
The handbook can be downloaded for free from the APTF website using this link.
We hope the handbook is a useful first step for many farmers considering how to plan for the future. Before making changes to your business model, it is vital to seek specialist advice from your professional team.