CASE STUDY: From losing money to a nearly $4m profit in just a few years
Feb 10, 2023
We wanted to share a case study with you from a Platinum Mastermind client who went from a loss to almost $4 million in net profit in just a few years.
Ben, Kate & Sam Taylor from Culara Farming in Condamine.
We are also sharing this case study as part of video 2 in our free, 3-part training series. You can watch it here now.
Now, there is some seasonal impact in here, and it is easy to get caught up thinking that the majority of this change is all driven by the seasons – but you miss the real story if you do this…
And you also close off to the opportunity to make big changes in your business performance too!
What we love about benchmarking is that our clients get to see the changes in their results over time.
Here is a snapshot of their last few years:
- Revenue has increased from around $2 mil to over $6 mil per year
- Net profit and business profit have gone from a loss to just shy of $4 mil per year
The below summarises what Ben shared at a recent Business Summit workshop we ran (so these are his words and not ours):
4 YEARS AGO:
We were frustrated, confused, stressed, lacked clarity for the future and were in the middle of dealing with succession. While we already had the support of an agronomy team and felt we were timely in our key management decisions & generally operated a well-run day-to-day technical farm, we knew we needed to focus more on working ON the business and less IN the business to get where we wanted to be.
Ben specifically knew he wanted help on how to become a better business owner and find more time to do what was important to him away from work. He wanted to make more considered business decisions based on data from tools and platforms, be a better boss, husband, father and person in general.
WHERE ARE THEY TODAY:
We are now operating a highly profitable business capable of generating wealth for our family now and into the future.
KEY IMPLEMENTATIONS:
- Worked on ourselves first – health, fitness, mindset, positive language, personal goals and desires, and gratitude.
- Implementing the Farm Owners Academy templates – specifically the Clarity Action Planner (3 Page Strategic Plan document) – creating clarity and direction for the business, having consistent quarterly meetings to create flow and accountability (they implemented this after completing the Take Control program).
- Roles and Responsibilities – Created a clear organisational chart, identified additional team members and embraced personality and skill differences.
- Finances – Knowing their numbers….. they shared with other farmers that THERE MUST BE A CHIEF FINANCIAL OFFICER (CFO) IN YOUR BUSINESS!! (Not your accountant).
- Succession/Transition – Get professional help. A solicitor and accountant combined with the leanings from Farm Owners Academy.
WHAT HAS THE IMPACT BEEN?
We now run a business, not a farm! Opportunities for growth, success, wealth, and their very own Freedom Farm.
FOUNDATIONS IN PLACE:
- Communication – Weekly meetings, quarterly meetings, yearly strategic meetings, Slack messaging app
- Systems – 5-year cropping system, office systems, operational and technical systems
- Work/life balance – Desire statement, holidays, kids’ sport, exercise, weekend activities
- Time management – team members, planning, team alignment
- Growth – setting SMART goals….and….achieving them……always setting new ones
WHAT IS POSSIBLE FOR THEM NOW:
- Continued growth in business and life
- Opportunities on-farm and off-farm
- Successful family farming business with a pathway for future transition, however that may look
- Family happiness fulfilment
An incredible result, and well-done, Ben, Kate & Sam.
Robbo
P.S. It’s amazing what can be done in a few short years when you put your mind to it
