New Entrants to Farming : Business Planning & Understanding Financial Performance – event summary
23 January 2017
An interactive session looking at Business Planning & Understanding Farm Accounts was held for New Entrants at the Taynuilt Sports Pavilion on Monday 23rd January 2017.
Niall Campbell, SAC Consulting was the guest speaker and provided attendees with top tips for business planning and explained that it was important to have a set goal/vision for the future of the business.
Top Tips included:
- Plan for your business – know where you want to be
- Assess current performance – using accounts & management information
- Know your strengths & work on weaknesses
- Most importantly – ENJOY!!
The group also looked at example tax accounts which were explained in detail.
A break-out session was used to get the attendees to think further about the difference between fixed and variable costs.
A sheep gross margin exercise was also completed in small groups.
The workshop was concluded with the introduction of KPI’s and the thinking behind benchmarking.
Click to view photo gallery of event
- Starting up in business
- This guidance note summarises some key considerations while starting up any business, from business structure to insurances.
- Business Structures & Taxation of Agricultural Businesses
- Business Structures – Which Should I Use? Having made the decision to be your own boss, it is important to decide the best legal and taxation structure for your enterprise. The most suitable structure for you will depend on your personal situation and your future plans. The decision you make will have repercussions on the way you are taxed, your exposure to creditors and other matters.
Sign up to the FAS newsletter
Receive updates on news, events and publications from Scotland’s Farm Advisory Service