The volatile economic climate and diverse mix of global markets are having a huge impact on the agricultural and rural sectors and by implementing a diversification plan for your business you could generate more business opportunities.
Diversification is a process by which a business takes on new capabilities and enterprises that are not currently core to their business practices to enable the business to be more successful in the longer term. To survive in the current economic climate more and more businesses are having to diversify by adding new business activities to ensure future sustainability.
As well as increased income and future sustainability, diversifying your business can bring a whole range of other benefits including adaptability, security and the development of new skills.
If done correctly, with the right advice farm diversification can be very rewarding. Our specialists can help you navigate through the complexity of diversification offering expert analysis and advice on diversification planning including:
- assessing why you want to diversify
- looking at what options you have in relation to your core business farming activities
- investigating any implications this may have on your time and existing farm structure including staffing
- assessing how much diversifying your business will cost to implement and how you are best to finance this
- assessing what cash flow you have to fund any diversification project
- looking at how you could brand and market your new project to encourage profit on your diversification investment
- navigating and making clear any rules and regulatory requirements or tax and National Insurance requirements
95% of the UK economy is made up of SMEs (small to medium enterprises), so collaboration and peer-to-peer skill sharing are something we should all be utilising and they can play a key role in diversifying your business successfully.
Diversification is something that is bespoke to each and every business as one thing that works for your business may not be a method that would be successful for someone else. It is therefore vital that your diversification plan is correct, relevant and managed effectively, which is where our team of experts come in. Once you have a diversification business idea established, you then need to develop your idea into a strategy by preparing a business plan, seeking any appropriate permissions and researching funding options. Turning your idea into a functional new business model requires detailed research and expert advice.
At David Allen we will continually mentor you and your business diversification project and work to help you make it a success. We understand that you will still have your current business to manage during this process. We aim to help you in any way possible, coming to see you at a time that suits you, morning, noon and night, seven days a week.
Give our experts a call today to learn more about how diversification could work for you.