Grains Research and Development

Date: 04.08.2011

Farm business management in focus at Cummins forum

Farm business management in focus at Cummins forum

Key points:

• GRDC Farm Business Management Update at Cummins on August 18
• Focus on farming profits amidst volatility

Eyre Peninsula grain growers and their advisers will converge on Cummins this month to discuss opportunities for boosting profitability through farm business management disciplines and practices.

The Grains Research and Development Corporation (GRDC), supported by the South Australian Farmers Federation, is hosting a Farm Business Management Update on August 18 at the Cummins Bowling Club.

GRDC Southern Regional Panel chair David Shannon says farm business management is an important aspect of every grain-growing enterprise.

“Agronomy, plant breeding and practices in the field aren’t the only pathways to improved profitability – farm business management can have a direct influence on increasing farm-gate returns,” Mr Shannon said.

“The GRDC is well aware of this fact and is hosting the Update in Cummins as a means of providing growers and advisers with information and resources to assist in maximising potential from farm enterprises.

“The Update in Cummins will feature a line-up of local and interstate expert speakers who will provide farm business management insights and advice to support growers through the remainder of the crop-growing season, into harvest and beyond.”

Western Australian farmer and Nuffield Scholar Brendon Tierney will deliver a presentation on the efficient use of farm capital, drawing on lessons and experiences from throughout Australia and the world.

Tax effective debt reduction strategies will be the focus of an address by Brian Wibberley of Wibberleys Chartered Accountants, while David Heinjus of Rural Directions Pty Ltd will explore the true cost of machinery ownership and the factors to be considered when deciding whether to replace or repair farm machinery.

The three key performance indicators in the farm business – return on capital, growth in equity and profit – will be discussed by Brenton Lynch of Lynch Farm Monitoring, who will detail the meaning of these KPIs and how they can be leveraged in a farm business.

Sustaining business growth amidst volatility is to be the subject of a presentation by consultant Ed Hunt who will look at whole farm risk and its impact on business decisions.

Lock farmer Andrew Polkinghorne will outline the drivers of cost-effective harvest efficiency and logistics and he will analyse the options available to improve harvest efficiency.

Mr Shannon said he encouraged all growers in the region to take time out from their on-farm activities to attend the forum.

The Update will be from 9am to 3pm (registration starts at 8.15am) at the Cummins Bowling Club in Bruce Terrace. Growers and advisers wishing to attend can now register for the Update online via www.orm.com.au.

More information about the Updates is available by visiting www.grdc.com.au/updatedates or by phoning ORM on 03 5441 6176 or email admin@orm.com.au

ENDS

Editor’s notes:

• For more information contact ORM on 03 5441 6176 or email admin@orm.com.au

• www.grdc.com.au/updatedates

• GRDC Project Code: ORM00001

• This media release and other media products are available via www.grdc.com.au/media

GRDC Project Code ORM00001