Reasons to Visit Wilson Wraight at Cereals 2023: FFRF
Wilson Wraight are one of the providers under the DEFRA supported Future Farming Resilience Fund (FFRF). The scheme is designed to help farmers and landowners understand the impact of the phasing out of the Basic Payment Scheme (BPS), which will end after the 2027 scheme year, and what and how they may need to adapt their business to retain profitability.
The Wilson Wraight service first considers overall business performance and structure as businesses need to be successful at their core to be in a position to develop and evolve. The process begins with analysis of past financial accounts and other sources of relevant information to gain an insight into past trends and potential issues or concerns. This would include profitability and balance sheet analysis as structure and liquidity are equally as important as trading results.
Further to the past financial performances we would also consider available resources and key objectives of the business owners to enable a SWOT analysis to be completed (strengths, weaknesses, opportunities and threats). This would identify the level of BPS to be received over future years and what steps should be considered to ensure a successful future. This could range from farm level with regards to cropping and fixed cost controls, to diversification opportunities. There may also be instances where businesses are already under pressure and wholesale changes to the business activities may need to be considered.
Whilst the service is very much targeted at business performance, it is possible to tailor the advice to specific areas the client may wish to investigate, whether that be future schemes, business opportunities or in-depth analysis of cost structure and performance. Although the scheme is DEFRA funded, the advice will be confidential and is not shared with DEFRA.
With an increasingly complex agricultural backdrop, the need for businesses to review their performance and consider future strategy has never been more vital. It can be difficult for business owners to step back from the day to day pressures to properly consider the impact of recent changes on short and medium term prospects. The FFRF provides an excellent opportunity to do this, supported by experienced consultants with a broad breadth of knowledge on all aspects of running a rural-based business.
Wilson Wraight will be at Cereals on the 13th and 14th June and please come and visit us if you wish to discuss the FFRF or any other matters in more detail.