Farms operating the same production system are often found to have a wide variation in their costs of production and profitability
Each farm business should identify their own costs of production and look at each enterprise individually
Assessing the profit of the farm is the first step in benchmarking the farm’s performance.
Gross Output, Variable Costs and Fixed Costs should be set out in a structured way and broken down by the main production units
Should allow farm business performance to be compared with peers
The Teagasc eProfit Monitor is used to assess and benchmark farm enterprise profitability
Teagasc facilitates knowledge transfer using benchmarking to assist farmers to identify areas where they can improve their farm business