Cereals 2016 Survey Report
Cereals is the UK’s leading annual arable technical event which this year saw over 24,000 visitors attend between the 15th and 16th June. Due to the event date, the survey was taken shortly before the EU referendum, and therefore does not reflect increased financial uncertainty which followed that result. But even so, the findings are disconcerting if perhaps unsurprising.
- When asked for a prediction of business growth in the next 12 months, the majority of respondents (51%) foresaw no growth at all
- Financial issues (pricing and cashflow) are the biggest concern for over two thirds, followed by the availability of land, funding and inheritance tax
- Over half felt succession planning is at least of some or great concern with only a quarter being confident about their succession plans
- Most respondents replace their machinery in order to improve their efficiency or as part of a planned purchase – only 8% purchased machinery for tax purposes
- Accountants top the poll for professional advice, with 36% consulting their accountant first before making major decisions. This is followed by a bank manager, an agricultural consultant and a solicitor
Specialist advice and support can prove essential in assisting with business growth and ensuring your business is in the best possible position to take advantage of valuable opportunities.
If you are concerned about your cashflow or would like to discuss any of these issues further, please get in touch with our rural business team on 01903 234094.