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An ideal time to review performance on your beef farm

An ideal time to review performance on your beef farm

Now is the time to reflect on the strengths of your beef farming enterprise in 2023, and to identify any changes or improvements that can be made in the year ahead, writes Catherine Egan, Teagasc Beef Specialist.

Like many years, 2023 has had its challenges - particularly with heavy rainfall in June, July and August across the country. This led to difficult grazing conditions and the poor utilisation of grass. Cattle performance on many farms was impacted as a result.

Furthermore, farmers have seen only a minor reduction in production costs in 2023 compared with 2022, but the outlook for 2024 is more positive.

This time of year is a great time 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 (KPIs) that can be assessed to analyse performance, including: liveweight gain; breeding performance; herd health; grazing management; and financial performance.

The Teagasc eProfit Monitor (ePM) is the only financial package that links the technical and physical performance on the farm to the financial performance. It 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 eProfit Monitor, with new look reports and much improved analysis. The Teagasc ePM can be completed across all enterprises - for dairy, cattle, sheep, tillage and pig farmers to get their own individual report 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 advisor to discuss where the improvements can be made in the coming year.

The key pieces of information needed to complete the eProfit 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) or merchant invoices/dockets.

Completing an eProfit Monitor annually allows you to build up a long-term financial performance picture of your farm. For farmers wishing to complete a Teagasc eProfit 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.

For more information on the Teagasc eProfit Monitor, click here.