We often hear that one of the biggest challenges for dairy farmers is managing the financial side of the business. When a thousand things call you onto the farm, taking time to sit at your desk and manage your budget can often fall in the ‘too hard’ or ‘not now’ bucket.
At Dairy Women’s Network (DWN), we’ve heard you and have set out to show you how every farmer in New Zealand can build resilience through financial confidence – and do it in a way that works for you.
Farming is a practical profession; you can’t talk your way out of a tough season. And in that spirit, instead of just talking about what you could be doing, we decided to do it, and show you every step of the way.
DWN, CMK Chartered Accountants (CMK) and Figured have teamed up to become the ultimate “off-farm” team for first year farm owners, Addie and Kip Nolan. Over the course of a season, this off-farm team will provide Addie and Kip with all the financial advice, tools and support they need to navigate the ups and downs of the season and establish best-practice financial management to achieve their goals of running a profitable farming business.
And best of all, we’re sharing the entire journey with you through a practical and relatable content programme of videos, webinars, blogs, social media posts, and a podcast series thanks to Rural Exchange and MediaWorks. Everything Addie and Kip learn, you’ll learn alongside them. Highlighting the importance of a strong support network, how technology can assist in decision making, and that the support they receive is widely available to all New Zealand farmers.
By following this real-life journey, you’ll gain a first-hand look at what you need to build your ultimate off-farm team and take control of your profitability.
Meet Addie and Kip
Addie and Kip are first-year dairy farm owners in Waitaha, in the West Coast, managing 250 crossbred cows on a 160-hectare farm. With Kip’s 12 years of sharemilking experience and Addie’s background in primary school teaching, they bring a unique blend of skills and determination to their new venture.
Through the Milking It Project, Addie and Kip will receive support and knowledge to navigate the complexities of farm ownership.
Addie said, “We knew we needed guidance on where we’re going and how we’re going to get there and wanted to share our financial journey to inspire others. Between us we have over 25-years’ experience, but we wanted to keep learning. We wanted to know what’s money well spent, how we get mortgage repayments down, will the budget at the end of the year look anything like what we thought it would?”
“Our priority is creating a business plan to focus us. In the next 12 months, I’m looking forward to working with my ‘off-farm’ team, with CMK and Figured, to deep-dive into our financials, using analysis and insights to create a plan. Then, working with DWN, I would really like to follow our plan and have ticked off a few actions. It’ll be interesting to see how things change through the year and where we end up deviating from the plan and going down a different path,” said Addie.
Addie and Kip also juggle the responsibilities of owning a cafe/store in Harihari, all while raising their three children, aged 12, four, and one.
Kip reflects that there is nothing quite like working for yourself and owning your own calves. “Having your own space where everything you do is for you and your family is an amazing feeling. My advice: if you get the opportunity to move into farm ownership is take a leap, do it, get involved.”
After a year of owning their farm, Addie says that the hardest part of farming is the financials. “Money comes in and the next day it’s gone when you pay the bills. You just hope for the best. You always need help and for us, Milking It means several businesses coming together to help us learn along the way.”
Addie and Kip’s tips
- You are never too old to learn
- Having a trusted ‘off-farm’ team who can offer insights and support is amazing
- We’re at the beginning of our Milking It journey, and it all starts with a deep dive into our financials with CMK and Figured and building our business plan
- Know what’s important to you. For us, it’s having a clear goal, it’s our lifestyle, our family and
- our other business.
Follow their journey at dwn.co.nz/milking-it