Complete the Profit Monitor now
Early January is a great time to reflect on the year gone by and prepare a Profit Monitor. The Profit Monitor will look at the financial performance of your business in detail. Specialist George Ramsbottom outlines the benefits and process.
Teagasc advisers are trained to complete Profit Monitor reports for their clients. Completing it early allows you time to put a plan in place to improve your farm business in 2021.
A recent study has shown that farmers who complete Profit Monitor regularly are more profitable and have increased the profitability of their farming operations more over the past decade than farmers who either never complete Profit Monitor or who only occasionally completed it.
Source: Ramsbottom, G., D. Läpple, and K. M. Pierce. "Financial benchmarking on dairy farms: Exploring the relationship between frequency of use and farm performance." Journal of Dairy Science (2021).
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.
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