The OMG document

By Kathryn Fox, GippsDairy

In the case of an extreme event such as fire or death, you may need to access key information about the farm business in a timely manner. For this reason, it is valuable to develop an overall business file where records of key aspects of the business are kept, which you can refer to as the OMG document.

You can store this document in a range of ways including in the cloud, on external devices or as a physical document. It is best to ensure that all key people in the business know where this document is kept and how to access it. To ensure the document remains current, it is good practice to review this document yearly.

Information that could be kept in your OMG document:
• Land ownership/ lease information
• Insurance policy summaries
• ABN details
• Business history
• Bank account details
• Website details and passwords
• Photocopies of key documents such as wills, licences and passports
• Key contact details – banker, consultant, insurance broker
• Latest backup of financial and physical software

Basically, it is ideal to include any information or documents that may be hard to replace or that you may need to access quickly in the event of an emergency.

Having all of this important information stored in one place means that if you have to leave the farm quickly in the event of a disaster, it’s easy to grab. Alternatively, if you are able to store these documents electronically in the cloud, they can be accessed anywhere, anytime from any device.

This document can also be beneficial in the case that the main record keeper of the business suffers injury, illness or death as it means other people in the business or family will be able to easily locate and access this crucial information, potentially saving a lot of time and stress. Taking the time and effort to be organised now will be well worth it in the case of an emergency.