Paul Harris, CEO of staff specialist firm Real Success, says that it is essential to stay calm and make a plan for your business amidst the fallout from the autumn budget.
“These policy shifts, while significant and unwelcome at a difficult time for our industry, do provide an opportunity for farms across the UK to reflect on key areas like succession planning, managing staff costs, and getting the best from their teams,” he says.
“Now more than ever, the industry needs to reassure its people, showing them that there’s a clear and hopeful path forward with a future for them and their families.”
The changes around inheritance tax, specifically reductions in agricultural property relief and business property relief, will mean it’s essential to start discussions around succession.
“Inheritance tax changes bring attention to the importance of preparing for the future,” Paul adds. “By planning early and taking a proactive approach, we can ensure our farms remain resilient, adaptable, and ready for whatever lies ahead.”
Further challenges will come from the changes to the minimum wage. While Paul concedes that this will be challenging, he reminds businesses that a well-supported, motivated workforce is invaluable and that innovative ways to balance labour costs will have to be considered.
“Our teams must feel secure and valued, especially against a challenging backdrop. Showing commitment to your people builds loyalty, morale, and resilience – essential to weathering any storm. Even as labour costs rise, investing in those around us can yield returns which far outweigh the expense.”
He concludes that the farming community is stronger together, but while there has been a lot of attention on social media, it is vital that businesses consult the facts and get relevant advice.
For more information go to www.real-success.co.uk