How to pivot your farming business to deal with loss of BPS
Farmers are facing once-in-a-generation decisions about the direction of their businesses.
High commodity prices may help to mask the impact of the five to 25 per cent reduction in Basic Payments this winter, but as cuts get deeper from 2022-2027 it will create a problem that has to be addressed.
This necessitates asking big – and sometimes tough – questions like: “What am I doing and why? What do I want to be doing? Am I up for the challenges of the future? What assets do I have at my disposal? What am I really good at?”
Getting the input of someone independent can be invaluable in this process. Many farmers will need support when it comes to navigating the changing landscape they face to provide an objective appraisal of the options on offer, which takes into account your own goals, the farm’s economics and your financial and tax position, so you can make an informed choice about the future direction of your business
Dan Matthews, Strutt & Parker
