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5 Minutes to get your Cash Flowing

Teagasc are highlighting the importance of Cash Flow Planning as a vital business tool that all farmers should engage in.

A series of videos, articles and support tools are now available on the Teagasc website www.teagasc.ie 

Minister for Agriculture, Food and the Marine, Michael Creed TD said: “Covid has placed many businesses under financial pressure. In the farming sector this is equally the case, therefore management of cash flow is critical for farmers. Teagasc have developed snap shot tools to help you manage cash flow and I would advise you to contact your Teagasc advisor to help you in this matter.”

Fintan Phelan Head of Farm Management and Rural Development in Teagasc said: “Being able to complete a cash flow plan for your farm is a good Management Practice that will enable you to take control of your business. Farmers should follow the A,B,C of cash flow management:

A - Act early – talk to your financial institution

B - Be realistic when completing your cash flow and

C - Consult – your Teagasc advisor, accountant can help.”

On the Teagasc website there are individual documents available to download depending on your farm enterprise, titled Cash Flow & Financial management of Dairy, Drystock and Tillage farms that incorporate the 5 Minute Cash Flow Document and guidance for when cash is tight. See Cash Flow on Farms

The Teagasc ‘Let’s Talk Dairy’ webinar tomorrow, Thursday, 18 June at 10.30am will focus on financial management on dairy farms. The webinar is on Dairy Farm Financial Outlook and Management Advice for 2020, with Tadgh Buckley from AIB and dairy farmer Mike Bermingham, with Stuart Childs and Fintan Phelan, Teagasc.

In episode 124 of the Teagasc Dairy Edge podcast, Teagasc specialist Patrick Gowing and Agri-Advisor at Bank of Ireland John Fitzgerald joined Emma-Louise Coffey to discuss strategies to cope with the expected shortfall in cash on farms in 2020. Listen here The Dairy Edge Podcast

A demonstration video by Teagasc specialist Patrick Gowing on how to use the 5 Minute cash flow tool is available here Cash Flow on Farms 

Conor Beausang, dairy farmer said: “I started milking in 2011, a lot of investment has happened on the farm in the last 9 years.  The Teagasc Cost Control Planner was a big help in managing that. We have used it as a budgeting tool and at the start of every year there would be a budget done out and we would be gauging how we go all through the year.”

The ‘5 minutes to get your cash flowing’ launch video can be viewed below.

Over the coming months, Teagasc will have webinars, videos and articles to help farmers manage their cash flow in this unusual year.  Fintan Phelan is encouraging farmers to use the resources available on the Teagasc Website, and to contact their Teagasc advisor to talk through options for their own business.