The continued growth in scale and business complexity of family farms has driven interest in improving the quality of governance and management.
Large public corporations are answerable to shareholders and external scrutiny, which requires disciplined documenting, measuring and reporting. There is growing interest in selectively adopting corporate principles to improve family farm communication and business outcomes, decision making and business outcomes.
This Fact Sheet focuses on some key corporate principles and processes that can be adapted by family farm businesses. The practical application is demonstrated in the case study of a family farm that has successfully adopted corporate principles and processes.
Key points:
- Family farm businesses are growing in scale and complexity, requiring a rethink of approaches to business management and governance.
- Corporate principles aim to ensure profitability through accountability, transparency and reporting that is relevant to the risks involved.
- The case study farm described in this Fact Sheet has had positive and productive outcomes from adopting management disciplines based on corporate principles.
