Buying farm machinery is an expensive commitment, which can also be confusing and potentially risky.
When should you consider upgrading? Do you need to own your gear or are there alternatives? And what do you need to consider when you have decided to invest in new equipment?
The Birchip Cropping Group’s Future Farmers Expo on Wednesday, July 5 will tackle these questions during a session on economic thresholds of owning, co-owning or contracting machinery.
‘‘Traditionally, return on investment has been the measure many use to determine machinery investment strategies, but this doesn’t take into consideration external factors, like harvest logistics, which are hard to quantify,’’ Farm 360 consultant Simon Craig said.
Mr Craig will present local examples and identify what should be considered when investigating different machinery investment options to ensure the arrangement you choose is economical for your business.
‘‘For a typical business, looking at the longer-term costs and benefits needs to be taken into account, bearing in mind the substantial investment,’’ he said.
■The Birchip Cropping Group’s Future Farmers Expo will be held at Birchip P-12 School on July 5 from 11am to 5pm.
Entry to the expo is free for Birchip Cropping Group members and $50 for non-members.
A tapas-style dinner will follow the event from 6pm at the Birchip Hotel. Tickets for the dinner are $30 each and can be purchased by phoning the Birchip Cropping Group on 5492 2787 or visiting: www.bcg.org.au