Farming is a unique business, offering opportunity to work with nature, technology, the markets and people. Done well, it offers a fulfilling life and business career. However, the business of farming is becoming more challenging, with greater variations in commodity prices, continual uncertainty with weather patterns and the challenges of declining terms of trade. At the same time, the demand for agricultural produce is significant and provides great opportunity to Australian agriculture.
The need for improved farm business management skills has been identified as a crucial element for Australian farmers to maintain business sustainability, while taking up the opportunity currently occurring in Australian agriculture. This farm business management eBook series is a significant investment by the Grains Research and Development Corporation (GRDC) to assist farmers with further improving their business skills.
The aim of Module 1 is to provide an overview of farm business management. Effective farm business management has elements of good judgement, which is subjective, and sound logical thinking with effective monitoring and planning processes in place. While you are encouraged to explore all the topics, some will be of more interest than others. Module 1 will identify areas on which to focus in Modules 2 and 3.