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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