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Business Planning
Farming is a complex, multi-layered business. To be a “good businessman”, you need to understand your values first and foremost. Whether it’s human health, financial security, climate resilience, biodiversity conservation or family succession, unpacking what truly matters and how best to support that area of your business is key.
It can be super exciting starting on a new venture, and regenerative agriculture can really drive that excitement and curiosity, however we often hear people worrying about the risk in transitioning to a regen ag system. It can be daunting to step into the unknown and try new methods, worrying “what if it doesn’t work?” But by creating a clear, viable and steady business plan, this new venture will become less scary, and you will feel more in control.
Remember your context, experience, and values are going to be different to others, so your business plan must be relevant and specific to you and your land.
Business planning, goal setting, financial analysis and evaluation
The purpose of a business plan is to help you map out goals and targets so you can strategically save on time, money and stress.
Understanding that knowledge is power, and working with nature – a living, ever-changing environment – will mean this plan is likely to change over time and you need to be prepared to adapt as and when needed.
Reviewing and adapting your plan to continue aligning with your values and the world around you is essential. By being prepared and planning ahead, you start allowing the space for you to work on your business, and not just in it.
Useful resources:
- Farm Decision Making
- GRDC Farming the Business (Modules covering a broad range of business planning areas and templates for different aspects of business planning)
- Farm Business Costs
- Farm Business Management Factsheets: Accounting and Enterprise aspects
- Accessing farm finance
- Succession Planning
- Environmental Indicators Framework
- Planning for drought
- Farm workforce planning
- Work Health and Safety essentials
Market analysis and strategy
Remember to consider the target market and demand for regenerative agriculture products.
Research market trends, consumer preferences and potential customers as they will likely change over time.
Find other farming businesses already practicing regenerative agriculture and find out how they’re making it work for them. Learning from others’ failures allows you to reduce that risk of wasting time, money, and stress.
Joining in on the conversation and connecting with others through groups and communities of practice (online and in-person) is invaluable.
Have a look at our Get Involved page for useful links and resources.
Getting back to basics - farm design, soil health, rotation management
When considering or reflecting on your management strategies and processes, allow yourself the time and space to question things, trial alternative methods, read up on the topic, and be open to adapting your management if something is telling you there needs to be change.
If you’re a livestock enterprise, do you know your carrying capacity?
Do you think profit margin or yield?
Have you thought about what being climate resilient really means in terms of a farming landscape?
Water, labour, and technology management, and infrastructure requirements are all things worth factoring into your decision-making and business plan.
Useful resources:
Funding strategy/financial support
In addition to a trusted consultant or financial advisor, consider sourcing financial support from diverse avenues such as government (local, state and federal) grants and loans, not-for-profit organisations, and crowdfunding.
There are so many opportunities out there and organisations wanting to support the adoption of regenerative practices in our state. Reach out and connect with others as that will not only benefit you and your business, but you will be supporting your region and community too.
Farm business planning courses
A clear vision and purpose, understanding of the overarching principles, and financial knowledge will help set the foundations for a good business plan and a prosperous future.
Here are some useful organisations and courses for upskilling in Business Planning:
- Resource Consulting Services (RCS) – Grazing for Profit and Business Fundamentals
- Inside Outside Management
- Maia Grazing – decision-making tool for stock grazing management
