AUSTRALIAN farming families, by the very nature of the environment in which they operate, are required to perform irrespective of climatic, commodity or market disruptions.
The health and well-being of each member of the family is at the heart of being able to manage the volatility of agricultural production, which in turn has a significant impact on health and well-being.
Women continue to play an integral part in farming operations and the broader management of the business itself, apart from building a cohesive working environment. Ensuring these roles can be maintained requires a healthy mind and healthy body.
As critical as it is to maintain a healthy lifestyle, it is essential to understand and manage potential impacts when things do not quite go to plan.
"Maintaining your health and mental well-being is paramount for a successful farming operation," said Clare-based ANZ financial planner Alicia Wood.
"Rural health is a critical issue and the agri industry poses threats of its own due to average working ages, long hours, and the manual line of work. Additionally, access to medical assistance is often difficult or requires substantial travel."
Mrs Wood said it was imperative to not only maintain a healthy lifestyle but plan for the unexpected.
"As a financial planner I see many families who haven't put the right cover or contingency plans in place when major health issues have arisen and the business operation quickly comes to a halt, and financial strains that arise during an already difficult time," she said.
"We want to ensure businesses and families are planning for the milestones which occur within the lifecycles of businesses, such as adequate risk protection and tailored strategies for transition to retirement and handover to younger generations."
Farming is a complex operation and requires good understanding of the business and family objectives to ensure right outcomes.
"Planning for the expected is important for the succession of a business, especially with family run operations, but planning for the unexpected is critical in terms of business continuity and peace of mind for those in difficult times."
Mrs Wood stresses the importance of an agreed and documented succession plan, given the industry and health issues which can and do arise.
"The formal plan provides a clear strategy for the business and family moving forward," she said.
"Its ability to alleviate stress within the family is obvious where the process has been engaging and collaborative.
"Once completed there is, in most cases, a noticeable weight which has been lifted from everyone's shoulders, and family mechanics seem to be much smoother and a more healthy environment created."
Mrs Wood said ANZ wanted to ensure peace of mind for its customers to create certainty for uncertain times.
"We would all like to think that retirement will be at a time of our choosing and that the retirement years will be long and healthy - unfortunately for the majority of us this requires careful planning and investment and doesn't happen by accident," she said.
"One of the most important measures for farming families is that they have left the next generation in a better position than when they themselves first entered the business.
"The pressures on farming families are unlikely to diminish, however for those who manage these most effectively, significant opportunities are continuing to emerge within the agribusiness sector."