Benchmarking

AHDB have a system operating on line called Farmbench, whereby you can benchmark your farming figures against the average and the “best”.  By the “best”, they mean the top 5% performers.  This is an excellent way of monitoring your physical and financial dairy performance, and spotting areas for improvement.  One can also benchmark your other enterprises.

Our farm accounting software, Farm Accounts, can readily produce this information for you, from your accounting data entry.  It is also fully MTD compliant.  If you still need to sort out this aspect of your farm business, contact us urgently.

Having benchmarked your farm’s figures, it is then important to take this onto the next step by discussing them with advisors and, in particular, with other farmers.  Discussion groups provide a forum for the exchange of hints and ideas for cost savings and other business improvements.  You are paying for Farmbench through your levy, so you may as well use it to your advantage.

Contact Charles at charlesholt@fcgagric.com or your local FCG office, for help in using your benchmarked farm data or joining a discussion group.

Posted in Business Management, Dairy & Forage, Lincoln.