The Bay of Plenty round of the Dairy NZ sharemilker, farm manager and dairy trainee of the year are over; I was privileged to be one of the sponsors of the event. Good luck to all the local finalists going forward to compete in the national round.

The field day presentations by sharemilkers Richard and Amy Fowler and farm manager Grant Clarke were a great insight into why both entrants have been chosen as the winners in their categories. They have a plan, know where they want to end up, have set a clear pathway to get there, and have followed it, while still remaining flexible.

But even with the best planning in the world, farming is a business dependant on so many external factors, and full of the unexpected. To give your farm and yourself the best possible chance of reaching your goal, as many ‘what ifs' as possible have to be addressed and included in any planning process.

Some ‘what ifs' such as droughts and floods are obvious; of course you would include them in your planning, and have a clear contingency in place. But human risk is so often forgotten, and yet it is absolutely essential to consider this, because without you, your farm will not be productive.

How would your farm operate if you were taken out of the picture due to an accident or sickness, for three months, or longer? Have you included a contingency plan for this, such as key person cover for yourself, your farm manager, or your right hand person? Do you know where your financial backup will come from to provide the farm with the funds to pay for a replacement person?

I specialise in looking after farmers like you. I will make sure that you, your farm, and your family, have a financial back stop in place in the event of an illness or accident. There is no use ‘crying over spilt milk'. Make sure you and your farm are covered if you were unable work. If you'd like to know how to put a plan in place, please phone me on 0800 838 676.

A copy of Theresa Pharo's Disclosure Statement is available free of charge upon request - phone 0800 838 676 or email [email protected]