FINANCIAL GUIDANCE TO FARMERS FROM LLOYDS TSB
With 2003 now upon us, Lloyds TSB Agriculture has updated its “Guide to Farm Budgeting and Business Planning”, to help farmers create meaningful budgets and forecasts for their businesses during the year ahead.
A recent survey conducted by the Bank found that only a third of UK farmers made use of budgets or farm forecasts. The Guide aims to help farmers improve their financial planning by introducing them to the mechanics of cash flow planning, improving their understanding of accounts and the identification of useful tools to aid farm business management.
The Guide also features information on market prospects, price and cost forecasts for 2002 as well as details of the underlying support and subsidies available to farm businesses. Practical examples of how the budgeting and planning process can benefit farm businesses are included throughout the Guide.
Tim Porter, head of agriculture at Lloyds TSB, said: “With markets predicted to remain volatile and margins expected to be tight in the months ahead, farmers should not be heading into 2003 without a good budget and forecast.
“Successful farmers take a broad view of their asset base, planning and budgeting their businesses professionally and making sure their investment and management decisions are geared to sustainability. This Guide is a genuine decision support tool that gives farmers the guidance they need to get the budgeting habit.”
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Notes to editors:
- Copies of the “Farm Budgeting and Business Planning 2003 Guide” are available by contacting or by writing to Lloyds TSB Business Banking Agriculture, PO Box 112, Canons House, Canons Way, Bristol BS99 7LB, or from your local Lloyds TSB business manager.
For further information:
Stephen Finch
Lloyds TSB Press Office
Tel: 020 7356 2401