Start over-reporting

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By Dwain Duxson

Start over-reporting -- Reporting to banks, investors, or people involved in your business is very important. However, as a general rule, we only do it if we are asked, and then we usually delay it until the last minute. It's one of those things people don't really like doing.

Nigel Kerin, who spoke at our The Business of Farming event on Friday, encouraged all Farm businesses to over-report. He said, "tell them (banks, investors, etc) everything, good and bad. They love it, and you build up an extra strong relationship which means you can get them to do things they normally wouldn't do".

Nigel and his team managed to convince his bank to create a unique Livestock facility just for them. The last time I looked, that particular bank didn't offer a Livestock facility. They obviously went out of their way, but only because they knew the client well, and all the information was there (and some).

These are the sort of tactics we all need to think about if we are to create that edge for our businesses. Especially in times like these where margins a squeezed. What are some of the things you can do?