Let’s Talk Business – Sunday, February 17

Farmers are almost always exclusively small businesses. In fact, small business makes up more than 95% of the Australian agricultural industry.

The devastating floods in outback Queensland are hard to fathom and heartbreaking to witness. Hundreds of thousands of cattle have perished in the floods with some farmers losing 100% of their herd. They’re powerless to do anything about it, nature can be heartless.

The loses are mounting and it could take years – decades even – before they recover. These farmers are small business owners and they might not bounce back from this. John and Scott discuss the realities faced by farmers in Australia and the challenges of dealing with weather events, insurance companies, lumpy revenue and unreliable government support.

Patrick Hick runs the Argyle Station north of Julia Creek in Queensland. Patrick estimates he’s lost more than 6000 cattle from a herd of 16,000. He employs 8 staff members and explains to John and Scott why he might not be able to continue employing them.

In our Workwise segment, Financial Planner Michael Abrahamson details why it’s important to write a thorough and detailed business plan and update it as your business grows.

And Peter Switzer charts the growth of Celebrity Chef and Restaurant tycoon Neil Perry – growth is on the menu!