Now is an ideal time to Review 2023
Catherine Egan
Teagasc Beef Specialist,
Athenry,
Co. Galway
Like many years 2023 has had its challenges particularly with heavy rainfall in June, July and August across the country. This lead to difficult grazing conditions and poor utilisation of grass. Cattle performance on many farms was impacted as a result. Farmers have seen only a minor reduction in production costs in 2023 compared with 2022 but outlook for 2024 is more positive. This time of year is a great time to reflect on the year gone by to reflect on the strengths and identify any changes or improvements that can be made in the coming year. There are a number of Key Performance Indicators (KPI’S) that can be assessed to analyse performance from live weight gain, breeding performance, herd health, grazing management and financial performance.
The Teagasc Profit Monitor is the only financial package that links the technical and physical performance on the farm to the financial performance. The Teagasc Profit Monitor shows farmers the impact that these improvements in technical and physical efficiency have on the overall profitability of their farm. It also allows a farmer to compare their performance with other farmers and discussion group members.
Over the past number of years Teagasc has invested to significantly upgrade the Profit Monitor with new look reports and much improved analysis. The Profit Monitor can be completed across all enterprises, for dairy, cattle, sheep, tillage and pig farmers to get their own individual profit monitor completed. Most of the physical information you need is available from the ICBF website. Financial information can be collected by completing a worksheet or generated automatically by some of the specialised farm accountancy firms. Have a read through the information to make sure that it’s correct before submission and discuss with your adviser to discuss where the improvements can be made in the coming year.
The key pieces of information needed to complete the Profit Monitor include: details on farm sales and purchases of stock and farm production, ICBF monthly stock inventory table, details of scheme payments; Mart/Factory sheets; details of farm operating costs which can be collated from bank statements; cheque books (if used); merchant invoices/dockets.
Completing a Profit Monitor annually allows you to build up a long-term financial performance picture of your farm. For farmers wishing to complete a Teagasc Profit Monitor, they should contact their local Teagasc Advisory Office Completing it early allows you time to put a plan in place to improve your farm business in 2024.
Teagasc provides a Local Advisory and Education service to farmers. They have offices based in Roscommon Town (Tel: 090 6626166), Castlerea (Tel: 094 9620160). You can find us on Facebook @Teagascroscommonlongford and X/twitter @teagascRNLD. Email; RoscommonLongfordAdvisory@teagasc.ie