Monday, September 19, 2011

Managing Farm Finances

Colin Wright of Phillipson's Accounting addressed the Yarram Dairy Business forum earlier this year.  Colin's presentation focused on managing cashflow, the importance of farm budgets. 

Some of Colin's Do's and Don'ts are listed below;

When it’s tough DON’T  
      Hide from your bank manager
      Throw your cashflow budget away
      Cancel your insurances
      Retreat into your shell
      Keep doing the same thing
      Stop talking to your partner

When its good DO
      Put something away for a rainy day
·      Farm Management Deposits
·      Stick to your lifestyle budget
·      Keep taking your anti diesel pills
·      Look beyond the farm

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