Dr Kate Burke talks ‘Risky Business’ at AIR EP Member Mornings
AIR EP members and industry professionals were put through their paces at the annual AIR EP Member Day events held 3 and 4 July, as they delved into the psychology behind decision making and risk, with seasoned independent farm consultant, agronomist and author, Dr Kate Burke of Think Agri.
Kate’s presentation “Working through uncertainty: Managing the realities and preparing for several possible futures” aligned seamlessly with many issues farmers have encountered this season.
In response to the late seasonal break, AIR EP modified the traditional full day program to host half day Member ‘Mornings’ in both Cummins and Wudinna, aimed to provide greater flexibility for members in managing their farm workload during the condensed cropping season.
Both events were delivered as part of the GRDC funded RiskWi$e project, under the national risk management initiative, which is aiming to challenge grower decision-making so future management decisions are thought of in terms of probability of upside returns, offset against any associated downside risks.
Thoughts and assumptions surrounding opportunities and working through uncertain times were challenged by Kate, who demonstrated how a shift in mindset can achieve better outcomes for farming businesses.
When asked what constitutes good versus bad decision making in a farming business, Kate said “good decision makers have an innate capacity to understand when to make a good decision or when to deliberate and get extra help.”
Following Kate’s introduction which detailed her personal journey in agriculture, members undertook a series of activities to assess their current mindset, and the level of control they have on decisions currently being made. Naturally this deeper level of thinking sparked plenty of discussion and questions around the subject matter.
Speaking to Andrew Ware of EPAG Research, Kate was asked what farmers can do to take advantage of opportunities that present themselves.
“There’s a massive opportunity for 60-70% of growers to make a significant difference in their profit taking, if they have the will to and capacity to.
The first thing is (farmers) have to want to change. They have to have some incentive, whether financial, or a better lifestyle, or encouragement to be involved in a group. Its very hard to change people that don’t want to change.
After a while, the more you do this, your brain actually tweaks and does this subconsciously,” said Kate.
Another aspect presented by Kate, in drawing on her own experience, encourages farmers to utilise data and tools available that can assist when making decisions and assessing risks associated with opportunities that may present themselves.
As an example, Kate elaborated on her regular use of several weather forecasting and modelling tools to identify patterns. The use of data removes the dependence on “gut feel” and taking uneducated risks, that may have led to financial consequences on the farming business.
In concluding her presentation, Kate enouraged those in family farming businesses to “work out what you are satisfied with and then making that your target as opposed to the absolute maximum, or trying to aspire to being like someone else. Because every one and every farm is different.”
Andrew Ware, Research Agronomist with EPAG Research, caught up with Kate shortly after the event at Cummins to discuss some of the key messages Kate presented, including how to make a good decision, the difference between top performing farmers and the rest, and how to know when to take an opportunity. To hear the podcast recording, please click here Andrew & Kate Interview 2 July 2024-V2.mp3.
The book “Crops, people, money and you” authored by Dr Kate Burke is available for purchase online via the following link https://www.thinkagri.com.au/kates-book/
Many thanks to GRDC and the SA Drought Hub for supporting these activities. Special thanks to all individuals that supported each event, in particular Brad Koster, AGT for his breakfast cooking assistance in Wudinna.
