Building on 2024 Insights: Continuing on the Next Step Towards Long-Term Farming Success
Turning Challenges into a Legacy: Lessons from Webinars 1 and 2
As 2024 comes to a close, the agricultural community reflects on a year marked by unprecedented challenges, including dry conditions, high fodder costs, and lower-than-expected grain prices. While navigating these ongoing hurdles, the sector also looks ahead to a prosperous future. The Turning 2024's Challenges into a Legacy of Success webinar series, led by Paige Cross, has provided invaluable insights to help farmers reflect on the year and prepare strategically for the future. The first two webinars highlighted key lessons and actionable strategies designed to inspire long-term sustainability and growth.
Strategic Insights from Webinar 1: Data-Driven Decision Making
In Webinar 1, guest speaker Jordan Lee joined the conversation to discuss how farmers could adapt to the challenges of 2024, providing practical strategies to turn adversity into opportunity. One central message was the danger of recency bias. As Paige and Jordan discussed, "Recency bias can cause us to believe that a short-term analysis allows us to correctly anticipate the future, and that can be fraught with danger." Farmers were encouraged to draw on historical data, conduct thorough SWOT analyses, and embrace technology for improved decision-making and efficiency.
Modern agricultural tools like Precision Cropping Technologies (PCT) and AgWorld were highlighted as game-changers, offering better agronomic insights and profit-loss mapping capabilities. Attendees were also urged to take a long-term view of profitability and sustainability, leveraging soil testing and operational mapping to plan effectively for the future.
Jordan Lee emphasised strategic thinking amidst 2024's challenges.
Identify where your data resides and compile a list of what data you have access to.
Conduct SWOT analyses to identify key business areas.
Leverage digital tools like PCT and AgWorld for better decision-making.
Plan for the future with soil testing and operational mapping.
Practical Strategies from Webinar 2: Preparing to Impress Your Banker
Webinar 2 turned the spotlight on financial sustainability, equipping farmers to tackle the rising costs and uncertainties of 2025. Paige delivered an empowering message: "If you can be on the front foot and prepare to the best of your ability, that will be one of the best ways you can set yourself up with your financial institution in 2025." The webinar stressed the importance of assessing cash flow, planning for repairs and maintenance (or replacements), and tracking key financial metrics using digital tools.
Farmers were encouraged to engage trusted advisors and compile professional business plans that reflect clear goals and financial clarity. Paige’s candid advice, "Perfection sucks. Perfect is boring," reminded participants to focus on preparation and progress rather than unattainable ideals. The session also emphasised creating a robust 60-day plan to gather key end-of-year data, setting a strong foundation for 2025.
Avoid recency bias; focus on disciplined financial planning.
Assess all income streams and create detailed cash flow budgets.
Use digital tools to track financial performance.
Engage trusted advisors and prepare professional business plans.
Define clear long-term visions and strategic goals.
Reflecting on 2024 and Planning for 2025: Looking Ahead to Webinar 3
Over the past two webinars, we’ve reflected on the challenges and learnings from 2024, explored ways to capture and leverage data effectively, and discussed strategies for wowing your banker—even with imperfect information. These sessions laid the groundwork for understanding where your business stands and how to position it for future success.
Now, it’s time to put it all into action. Join Paige as she creates a 2025 business plan for a farming business wanting to start the year with focus and a solid strategy. This practical, workshop-style session will guide you through:
Translating the reflections and data captured in 2024 into actionable goals.
Developing a step-by-step plan to prioritise and maximise opportunities in 2025.
Strengthening your strategic focus to confidently tackle challenges ahead.
This final instalment of the "Turning 2024 Challenges into a Legacy of Strategic Success" series is designed to empower you with the tools and clarity to begin 2025 on the front foot. Together, we’ll transform the lessons of the past into a tailored roadmap for the future.
Don’t miss this opportunity to set yourself up for success - register now and join us on Tuesday 17th December.