Farming is a unique business, offering opportunity to work with nature, technology, the markets and people. Done well, it offers a fulfilling life and business career. However, the business of farming is becoming more challenging, with greater variations in commodity prices, continual uncertainty with weather patterns and the challenges of declining terms of trade. At the same time, the demand for agricultural produce is significant and provides great opportunity to Australian agriculture.
The need for improved farm business management skills has been identified as a crucial element for Australian farmers to maintain business sustainability, while taking up the opportunity currently occurring in Australian agriculture. This farm business management eBook series is a significant investment by the Grains Research and Development Corporation (GRDC) to assist farmers with further improving their business skills.
The aim of Module 3 is to introduce some of the more advanced topics of farm business management. Module 1 is an overview of good farm business management principles. Module 2 gives the practical application of these principles; how to develop the various farm business management budgets and complete a set of financial ratios and performance indicators to gain greater financial insight into your farm business. Module 3 helps take your business to the next level of performance to further strengthen business resilience and sustainability.