Are You Wondering How to Plan for Continual Regulatory Changes?

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Are You Wondering How to Plan for Continual Regulatory Changes?
By John Gibson, General Manager NZ & Australia
 
How to build a change-ready farm in New Zealand

When it comes to challenges, the primary sector has more than its share. Whether you’re a crop, livestock or dairy farmer, you’ll be no stranger to meeting a range of challenges on a daily basis. Gone are the days of simply pulling on the gumboots and getting on with it; in today's world, you’re coping with increasing administrative, financial and regulatory demands.

As if 2020 wasn't difficult enough for farms having to operate under Covid-19 restrictions, the government's climate change and environmental plans have brought a raft of new compliance challenges. And we know this adds to the pressure farmers are under.  In partnership with Xero, we commissioned some research last year - the 2020 Spring New Zealand Pastoral Farmer Nationwide Omnibus Survey. This was among the key findings:

93% of pastoral farmers say environmental compliance is going to be a major cause of farm financial pressure over the next five years. 75% are concerned that commodity prices are going to be a driver of further pressure, followed by land valuation, water costs (both 57%) and HR compliance (54%).

Leveraging technology to take back control

So much of a farming operation's success hinges on factors that are often out of your control, which is why when an opportunity presents itself to actually gain control, it’s worth taking a look.

Planning for the economic impact of regulatory change is one of those challenges that can be made easier by utilising technology. If you have the right tools in place to help you model outcomes and consider your options, you'll not only ease the uncertainty and frustration, but it can help you see a way forward, ensuring you have a plan to weather the ups and downs that are part and parcel of dealing with regulatory demands. The right solution will enable you to examine different scenarios, such as the financial implications of investing in new infrastructure, land use or changing farming practice.

For the modern farming operation, making use of technology that's been specifically designed with farming in mind is no longer a nice option - it's a must-have. Without it, the administrative burden can become hard work.

The Figured solution - genuine peace of mind

When you make the decision to modernise your farming operation, going with a cloud-based, fully integrated solution will significantly relieve your administrative and financial burdens. You'll benefit from:

  • A farming team - you need advice from people you trust. No-one person will have all the answers, but a cloud-based software solution will bring together all those who you rely on for advice and consultation. It’s essential that you have the means to collaborate with them effectively, and they with each other.
  • Anywhere, anytime access - a cloud-based platform means you can access the different areas of your operation from anywhere, on any device - all you need is an internet connection. You'll have the flexibility to access what you need, when you need it - whether you're at your kitchen table or in the shed.

  • A single source of truth - all your information and documentation will be up-to-date and reliable. You'll have the information at your fingertips and updated in real time.

  • Budgeting and forecasts - you need to be able to rely on financial forecasts in the same way you keep an eye on the weather. If your financial situation is transparent, you'll be able to optimise your performance on the fly.
Most cloud-based solutions will also have seamless integration options. And Figured can integrate with other software solutions such as Trev or Xero to eliminate double entry or missing data.

Our cloud-based software solution has been designed by farmers, for farmers and we’re constantly enhancing the experience and features based on farmer feedback. While your obligations to regulatory demands like the Government's Essential Fresh Water Policy and the Emission Trading Scheme are becoming clearer, getting ahead of the game is important. Figured can help you model the potential economic impact on your farming business and develop plans to get your business ready for change.

“Figured is a powerful collaboration tool for connecting everyone on your farming team,” says Melissa Slattery of Diprose Miller. “It makes sure that you’re all on the same page, and its flexibility means you can manage market changes. The scenario planning function enables forecasting for different situations and options. You can plan for the best outcome, but be prepared for the worst, as well as identifying what levers you can use to improve productivity or profit.”

Figured was designed to help farmers work smarter. Your administrative tasks are streamlined, so you’ll spend less time working on admin and more time out on the land doing what you love - and doing it with peace of mind.

Keen to see Figured in action? Get Figured + Xero 50% off for 3 months now. Plus, when you sign up after the 3 months, you’ll go in the draw to win $4,000 worth of Swanndri gear.