Checking the finances
Farmers should consider examining the financial performance of their farm in more detail by completing a profit monitor and on this week’s OviCast podcast, Michael Gottstein Head of Sheep in Teagasc tells Ciarán Lynch why it’s important.
Firstly, Michael outlines how to complete a profit monitor and what information is required. He explains how the income and costs are classified and the difference in variable and fixed costs.
He then discusses how to use this information as an opportunity to examine and improve the business and it also allows a farmer to benchmark farm performance against others and set targets for the business.
Finally, Michael discusses possible investments that could be made to improve the business.
For more episodes from OviCast, visit the show page at: www.teagasc.ie/ovicastpodcast