At our last TOP Producers event, a farmer approached me and mentioned that he had heard Farm Owners Academy being referred to as a ‘cult.’ To my surprise, when asked directly, I responded, “Well, in many ways, it is.”

Allow me to explain.

The term “cult” is derived from the word “culture.”

Culture can be defined as a new way of thinking. Just like successful sports teams that cultivate a strong culture (or cult), one could argue that your favorite sports team is also a cult. The top teams excel in creating fanatical supporters who are passionate about their mission and what they do.

Similarly, great businesses also embody cult-like characteristics. They establish a culture that attracts and retains talented individuals. Team members become deeply committed to the organization’s mission and are passionate about their work.

In essence, at Farm Owners Academy, we do encourage a different way of thinking.

Times have changed, and traditional notions of running a farm, such as believing that you must be the hardest working person and should invest all profits to avoid taxes, no longer serve everyone.

We acknowledge that Farm Owners Academy may not be suitable for everyone, nor have we ever claimed to be. However, for those who are open-minded, humble, seek help, and wish to become the best version of themselves, working with us will feel like home.

We are dedicated to teaching you how to build a sustainable business, rather than just creating a job for yourself. Our focus is on making your business highly profitable, even during challenging times, which may result in paying more taxes. However, we believe that being financially successful and contributing to society through taxes is a crucial part of building a thriving business.

Once your business is thriving, we guide you in systemizing your operations, enabling you to delegate tasks and responsibilities to a competent team. This allows you to reclaim your time and focus on the aspects of farming that truly matter to you.

Moreover, we go beyond the boundaries of the farm by showing you how to invest your money outside of your farming business. Our aim is to help you generate passive income, providing you with financial security and freedom. We call this approach the “Freedom Farmer” lifestyle, where you have a business that operates efficiently without your constant involvement, granting you the freedom to pursue other passions or interests or giving you the freedom to farm because you want to, not because you have to.

Did you know that the farms we benchmark have more than $2 billion worth of assets under management each year?

For those who register for our free webinar in June, we have a special bonus training for you called “Beyond Average: How Australia’s Top Farmers Outperformed the Rest Last Year with Data from One of Australia’s Largest Benchmarking Companies.”

During this presentation, we will analyze the latest data and insights from this extensive benchmarking set of high-performing farm owners. We have compiled data from hundreds of farms across the country to identify the key factors that distinguish the top 20% of farmers from the rest. We will delve into the numbers and uncover the specific strategies and practices that successful farmers used to outperform their peers. These valuable insights can be applied to your own farming business. The value of this training is estimated at $500 and will be gifted to those who register and attend the free training. Click here to register for this free training session or find out more information.

At Farm Owners Academy, we foster a culture of continuous improvement and strive to provide farmers with the knowledge, tools, and support they need to thrive in the modern business landscape.

Have a great day,

Robbo

P.S. Find our more about our free training series or secure your seat – click here!

Here are 7 habits of highly effective farm business owners:

1. They have a morning routine. Rather than diving straight into work, they slow down to ensure they feel great (maybe get some exercise in, meditate), they also ensure they are working on the right things for the day. They never like to start their day until it’s finished on paper – a 10-minute plan will ensure you are much more effective. Here are a few things you could do each morning to help you

• Write out you goals (3 years, 12 months and quarterly) – include busi ess and personal (health, relationship and family, social, wealth etc) 
• Read or write out 10 affirmations (I am statements) 
• Write out a few reasons why you want your goals 
• Write out a few reasons why your worth it 
• FINISH with a daily plan

2. Planning and communication. They don’t wing things. They plan and have a system to ensure they are on track, reviewed yearly, quarterly & weekly. Agendas drive the meetings, and the meetings are non-negotiable. They know these are the most important things to do all year, so there is never an excuse not to have them.

3. Budgeting, reviewing financial data, and breaking their business into Key Performance Indicators. Data doesn’t lie. Highly effective farm owners run their businesses by data and refer back to this regularly to make decisions. They make a real effort to schedule a time to review these important areas. They benchmark, not to compare to other farms, but more to help them improve year on year.

3. Reading and learning. Rather than listening to the news, they love to learn. They know they can get more from a business book, attending an event or meeting someone more intelligent than themselves, and they understand that the more they learn, the more they earn. So they find time to learn and stop finding excuses why they can’t do it.

4. Self-care. Eating well, exercising, taking breaks, and switching off. These are also habits. Regular breaks are vital for the well-being of successful owners.

5. Think Time. They make time to explore how they can improve themselves and how they can improve their business. Many will use a journal and write out ideas on how to grow their business, improve their health, relationships, etc. They know that thinking with a pen will get them a lot further than thinking without one, and they love to write things down because they know they have a higher probability of implementing things if they are written down.

6. Scheduling things in their calendar and holding themselves accountable for doing it. Most people don’t like to let others down, but successful people also don’t like letting themselves down. So if they say they will do something, they do it. They recognise that if they don’t schedule it in their calendar (all highly successful people use a calendar to drive their time), then there is a good chance they won’t do it. So they put things into their calendar regularly, then hold themselves to account for sticking to this time and getting it done.  

Remember – a bad habit is easy to have, hard to live with, and a good habit is a bit harder to put in place at first, but will make your life easier in the long run. 

Have a great day! 

Robbo 

We are running a free online coaching session on Wednesday, June 7th, called Surviving & Thriving In Changing Times – it is all about how farm owners can overcome rising costs, inflation and softening commodity prices. 

Click here to register

Running a farm business has never been easy, and recent economic trends have only made it more challenging. Rising costs, inflation, and softening commodity prices are just a few of the obstacles that farmers must navigate to keep their businesses afloat. But with the right strategies in place, farm owners can overcome these challenges and thrive in today’s economy. 

Here are some tips… 

1. Work on your business model. 

Many farmers are excellent at what they do but might not have the correct business model in place.  

The following diagram shows where the average farmers focus versus the top 20% of farm owners. 

The results can be significant when you learn the right business model and apply it to your business. For example, this diagram illustrates that the farmers focusing on the right areas of their business are making up to $480k extra profit per year per $10m in assets managed. 

Remember, it’s not how hard you work. A better question to ask is, are you working on the right stuff?  For this, you need clarity on where you are going and a clear plan to ensure you are working on the strategic decisions that impact your bottom line 

2. Profit First 

Some farms have best practices, and some farms have best profits. But, unfortunately, only one is going to put the kids through school.  

It’s not about having the best machinery or the best-looking farm. Are you really making decisions to maximise your profitability? Are you analysing your costs to see where you can minimise them, and do you have the ability to analyse your data to make decisions that will improve your profitability?   

Unfortunately, winging it won’t work. 

Profit first is a habit that needs focus yearly, quarterly, monthly and weekly.   

Here is a graph to help you know what to do and when:

3. Benchmarking and KPIs 

Linked to profit first, great farms benchmark their business. They don’t do this to compete with others. They do this so that they can improve year after year. A good benchmark will identify several KPIs so you can see where you are. 

Many properties are underutilised and have a lot more capacity for profit.    

Here is a list of a few of the KPIs we believe you could measure  

In summary, the three secrets to a profitable farm business include: 

1. Implementing the right business model – the right business model makes profit inevitable, even in tough times. 

1. Profit first – to transform your business make profit a habit 

1. Benchmarking and KPI – to have absolute clarity on your business without paying thousands to your accountant 

Our upcoming webinar will cover this topic in much more depth, plus much more!  

Discover why your business model could be holding you back from high returns (and how to break free) and rising above challenges: how the top 20% of farmers stay profitable during tough times. 

Click here to register – free webinar.

During this 90-minute session, we will cover: 

• Maximising Your Farm’s Profits: Harnessing the Power of Budgeting, P&L Statements, and Balance Sheets. 
• Tips From the Pros: How Emma and Mel’s Data-Driven Approach Took Their Farms to the Top 
• The Game-Changing Decision That Transformed the Bell Brothers’ Farm from Losses to $500k+ Annual Profits 

If you register and stay until the end of the live session, we will also share a special bonus recording with you called “Beyond Average: How Australia’s Top Farmers Outperformed the Rest Last Year with Data from One of Australia’s Largest Benchmarking Companies”. 

During this presentation, we analysed the latest data and insights provided by one of Australia’s leading benchmarking companies, which has compiled data from hundreds of farms across the country to identify the key factors that separate the top 20% of farmers from the rest. We will delve into the numbers and uncover the specific strategies and practices that successful farmers use to outperform their peers, providing valuable insights that you can apply to your own farming business. 

Looking forward to seeing you online. Click here to register. 

Robbo