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Take stock and thrive
accelerateonline • July 4, 2019
Top tips for working ON your business in 2019
When you’re head down in the day-to-day running of your business, it’s hard to know what needs to be done behind the scenes to ensure future success. You don’t have to set aside an entire day to get all your planning, accounting and networking done. Do it in small intervals throughout the year. Choose a time when you know you’re not going to be knee deep in calving or picking and make it a priority. Working ON your business is just as important as working IN it.
Whether you want to expand, develop or maintain your current activity, consider the following advice.
- Bring in the experts. Having a fresh pair of eyes is crucial when you’re busy doing the do. Think of trusted, knowledgeable professionals who can help or give advice on monitoring your business plan, your finances, employment, environmental management, funding and networking. Getting a rural business mentor is a great place to start.
- Connect to other farmers. Working in a silo can be lonely and overwhelming so link up with others who share the same challenges. In the dairy industry, you can sign up to a free service called Dairy Connect , which puts you in touch with a support farmer happy to help. Look to your industry groups for networking opportunities and events.
- Know your numbers. Big, small, milk or fruit – when you rely on living produce it makes accounting more complex. Record your stock numbers and any land use changes, understand depreciation of machinery and equipment, stay up to date with Government subsidies, and use cloud apps for accounting, resources and bank accounts.
- Talk it up. Sharing key information about your business with everyone in your farm team will ensure no surprises, prevent conflict, lower potential issues, reduce wastage and give everyone a sense of ownership so they work harder, and smarter, together. Diarise regular meetings or phone calls to talk about cash management, budgets and production reports.
- Make the most of your accountant. To get your business and cash flow in the best position, talk to your accountant about tax planning, accounting software, and discuss your plans for 2020 to see how the numbers stack up and what you need to do to achieve your goals.
Accelerate - December 2023
Accelerate August 2023
Inland Revenue have recently announced this year’s livestock Herd Scheme Values and we think this is a great opportunity to update you on the latest movements. The Herd Scheme Values are the National Average Market Values, determined by a process involving a review of the livestock market as at 30 April.
The values for Dairy this year have seen a fall in values across all female classes, but increases across all male classes. The fall in R1 heifer values can be attributed to the prohibition of live export by sea commencing from 30 April 2023. For the first time the National Average Market Value for R1 Heifers is less than the National Standard Cost of breeding and rearing an R1 Heifer.
In contrast to Dairy values Beef values have increased on average 9% and are almost at record values for all classes.
Sheep values have all fallen from the high of 2022, slipping back an average of 10.2%. Whilst values have fallen, they are still either the second or third highest that they have ever been depending on which class of sheep you are looking at.
Goat values have increased on average 7.8% with almost all classes of fibre and meat producing goats at record highs. The value of milking goats continues to be well down from historic highs, except for breeding bucks which are at their highest value.
Like the rest of the world, New Zealand has reeled from the aftermath of Covid, rising inflation and interest rates, and the cost-of-living crisis. This year we also have a massive storm damage repair bill.
Any tax cuts, or changes to the tax thresholds were vetoed in Budget 2023 as this was viewed as worsening inflation.
Budget 2023 builds on the $889m already provided in response to this year’s storms. A further $6b is allocated for a National Resilience Plan , for rebuilding after weather events. $71b is committed to new and existing infrastructure projects: not only storm damaged communications, power and roading, but schools, hospitals, public housing, rail and road.
