These are tough times for dairy farmers. For every “glimmer-of-hope” story predicting a rise in milk prices, there’s another one knocking it back.
You might be thinking of diversifying your operation but it’s not possible overnight and when it comes to the farm’s finances, how can anyone plan ahead when even the experts can’t agree?
Here are three things you can do to help ease the stress:
Contact your bank
If you’re pro-active about this rather than waiting until your back’s against the wall, your bank will be more inclined to help. A head-in-the-sand approach doesn’t impress your average banker. Contact him or her early and schedule an appointment. You might have more options than you think.
Get an independent assessment
It’s hard to be objective and make considered decisions when you and your family are doing it tough. Talk to and get advice from a third party you trust, preferably away from the stresses of the operation. Assess the urgency of your situation and make a plan.
Act before next season
It’s important to take all required action now, at season’s end. You should have your financial situation tidied up or a revised financial plan in place before the next season begins. You’ll be too busy to think about it then and having a clear way forward at the start will leave some mindspace free for whatever the next 12 months bring.
If you’d like a free, no-obligation introductory chat, get in touch.