To help you make better decisions and improve the profitability of your farm…
We will deliver to you a Farm Financial Benchmark (FFB) that will give you a really clear picture of what your business currently looks like from a financial perspective and teach you how to create this report.Farm benchmarking is such a great tool to analyse the current business performance and help you to understand where the strategic opportunities for the business are. You will learn so much about the health of your business just by looking at the overall performance summary that comes from this benchmark.
To generate the benchmark report, we look at assets (land, plant and livestock), liabilities, revenue, inventories, direct and overhead costs (including appropriate wage allocations for owners and family members), financing costs, profit and equity.
We then use these numbers to generate a KPI scorecard specific to your farm across the following four categories – Solvency and Resilience, Profitability, Financial Efficiency and Repayment Capacity.
The Farm Financial Benchmark requires 3 steps:
1. Send us your financial information (most recent Profit & Loss statement).
2. We interpret the information at our end and send you back a summary of assets and liabilities, business performance and Key Performance Indicators.
3. Use what you learn from the Take Control Program to improve your KPIs which will lead to improved business performance and improved net worth.
You will also be able to ask your peers and mentors in the online community what they are doing, and what else you can focus on to improve your profitability.
The Farm Financial Benchmark includes 3 reports:
1. A summary of assets and liabilities to understand your equity.
2. We interpret the information at our end and send you back a summary of assets and liabilities, business performance and Key Performance Indicators.
3. A list of your business KPIs, to help you determine how you are performing and what changes need to be made to improve. This is very valuable. Green means you are performing well and red tells you there is an issue (based on successful farms around the world).
During the Take Control modules, you will learn more about the meaning of these KPIs and how to improve them. This will help you make the RIGHT decisions for your farming business.
