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How was the Members' Field Day?
| The BCG Members Field Day on 31 October was a great success with over 70 farmers gathering at the Birchip Leisure Centre for some lively discussion on a range of topics. The day kicked off with a phosphorus debate with Rob Christie (Incitec Pivot), Nigel Wilhelm (SARDI) and Rob Sonogan (DPI) putting forward some ideas and strategies for phosphorus use in 2007. The crux of the discussion was “some or none”? |
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| Lunch followed with everyone enjoying the opportunity to catch up. |
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| It was then outside to the CASE IH O’Connors machinery display, for a refresher on setting up your header for low yielding crops. | |
Tim Triplett from CBA discussed the banks position in relation to working with clients through this difficult period. His tips for the crowd when meeting your bank manager were:
- Be prepared. Have good budgets and be organised.
- Have your financial statements ready.
- Talk to your banker early.
- The more the bank knows about your business the more comfortable they will be.
- Have projections clearly spelt out for 2007 – or even longer!
- List full credit commitments eg Case Credit / equipment leases.
- Talk to other credit providers (eg Case Credit / Landmark) - not only to your core banker.
- Banks understand that reasonable living expenses are necessary.
- Exceptional circumstances – do you qualify? Don’t miss out on assistance.
- Farm expansion or buying new plant and equipment is still possible - and may be a good option with a certain debt level.
- Clients historical data is important. Historical production and seasonal climatic information shows how good a farmer is.
- Good Farmers = Good Historical Figures.
- Remember - if you fail to plan you plan to fail.
