A “step by step” guide to farm enterprise success

A “step by step” guide to farm enterprise success

“The game of inches is what makes big happen” in the world of business.

That’s according to business innovation consultant Nigel Collin who says farm enterprises also have the potential to become more successful by consistently finding ways to improve – step by step, inch by inch.

Mr Collin will detail his game of inches philosophy in Bendigo when he is keynote speaker at a Grains Research and Development Corporation (GRDC) Farm Business Update.

Having launched his own business at the age of 20 and going on to forge a distinguished career in the business events industry, Mr Collin has in recent years dedicated much of his time to uncovering and telling the stories of ordinary Australians who have done extraordinary things.

He has interviewed many dynamic business people, and through those encounters has arrived at the conclusion that success in business comes from finding the best ways to advance every part of the business, incrementally.

“Business success and profitable growth are not about quantum leaps. They’re about moving forward step by step, inch by inch,” Mr Collin says in his book, The Game of Inches.

Mr Collin will discuss the attributes to building a successful business at the Farm Business Update, to be attended by grain growers and their advisers from across Victoria.

GRDC Southern Regional Panel chair Keith Pengilley says the Update, to be held on March 28 2017, will feature a line-up of expert speakers who provide valuable advice and insights to assist growers in improving their farm businesses.

“Investing profits for future success, generational transfer, key business benchmarks and selecting the best enterprise mix – these will be among the topics on the agenda at the Farm Business Update,” Mr Pengilley said.

“With the sowing of 2017’s winter crops just around the corner, I encourage growers and advisers throughout Victoria to take the opportunity to get along to the event which could well be the catalyst for future farm business success.”

The Update will feature a presentation from Ron Storey of Storey Marketing Services who will provide an overview of crop production and pricing expectations and the implications of these on Victorian grain growing businesses, particularly in 2017.

Brian Wibberley from WSA Chartered Accountants will provide guidelines on where to invest to ensure the best use and return from any profit earnings in the 2016-17 financial year.

He will explain Farm Management Deposits, superannuation and taxation implications.

Judy Wilkinson from Maro Creek & Wilkinson will look at how to successfully achieve generational transfer, including transitioning to retirement and passing control of assets to the next generation.

“Business management 101” will be the topic of a presentation by ORM’s Phil O’Callaghan who will delve into what key business management benchmarks mean for a farming business.

Three interactive sessions will include Harm van Rees from Cropfacts leading a discussion on the tools and tips for identifying the best enterprise mix in 2017 and beyond, while Ian Langridge will encourage dialogue on options for investing in machinery.

Land values and long-term trends will be explored by Michael Curtis of Rural Bank and Rural Finance, who will lead a discussion on what drives increasing prices and the chances of present values continuing to rise.

The GRDC Farm Business Update will be at the All Seasons Hotel in Bendigo from 9am to 4.30pm March 28th 2017.

Image: Ron Storey