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Financial planning and management is more than keeping track of your checkbook. It includes financial benchmarking and is more relevant today than ever before.
Companies that treat their accounting software as a tool only for compiling taxes are missing out on the opportunity to produce valuable management reporting.
How do you use the mountain of information that is at your fingertips every month? How do you find the next opportunity or efficiency in the data you collect? Very few dairy farms have systems in place to measure more information than milk production. Looking at data once in a while will not lead you in a positive direction.
In Canada and around the world, dairy production researchers are a prolific source of new knowledge, necessary for the progress and profitability of the sector. Government and industry invests millions of dollars in research and expects to be able to measure an impact at the farm level.
Our firm has produced averages of our dairy clients’ profit and loss reports on a quarterly basis for quite some time. Our clients, as well as others in the industry, have found these very helpful as benchmarks to which to compare their own operations.
We dairy farmers are excellent at producing milk. We take pride in what we do. We have the drive to get up every morning, pull on the coveralls and milk cows.
We know who is next on the list to calve and that, by Bessie’s sideways glance, she needs to be bred. Although many us excel in the production side of the farm, many of us need help on the business side.
