Farmers' survival plan

Waimarino Bulletin, Volume 5, Issue 23, 3 November 1987, Page 6

Farmers' survival plan

Federated Farmers (Auckland province) have produced a 10 point survival plan for farmers who are currently facing financial difficulty and major change. ★ Analyse your position - consult with your bank and stock company managers, accountant and/or farm consultant. If you need help seek it. ★ Communicate with your family, friends, neighbours, Federated Farmers and your advisors - you will find you're not alone and it will ease your stress. A problem shared is a problem half solved. ★ Don't spend money you have yet to earn - you mightn't earn it. Buy now, pay later schemes are out. Money management today is the most important ingredient to good farming. ★ Give debt reduction the highest priority strengthen your financial base, even if it means paying a little tax. ★ Cash up underutilised or unprofitable assets - use contractors.

★ Don't let your asset depreciate - maintain your fences and weeds. ★ Alter income inflows - to help reduce interest costs. ★ Look at alternatives for creating some income or cutting costs - some examples: a house cow, a vegetable g arden, possum hunting - literally money growing in trees, join with other farmers and tender for bulk supplies, share farm labour, combine farms for management savings. ★ Failing all else, realise there is life outside of farming - examine all options. Just because your goal in life was to be a farmer don't be pigheaded about it and destroy your good health and above all your family, it's not worth it. ★ Our wish is that we all survive until better times return, but if we don't know about the problem we can't help. Federated Farmers is your organisation, so help us to help you by communicating.