Financial management for Taranaki dairy farm business success
Paul Reidy - providing professional advice about your Taranaki dairy farm finances through accounts analysis, benchmarking, preparation of budgets and cashflows, being part of your professional business team, performing feasibility studies and providing guidance with rationalising your business when required.
I undertake an in-depth analysis to identify your financial position. Key areas I can help you with include:
Dairy farm budgets and cashflows
- Budgeting. Are you coping with volatile milk prices?
- Have you identified your forecast annual cash result and overdraft requirements?
- How do you protect and prioritise your surplus cash?
- How do you monitor your dairy farm's financial performance throughout the year?
Analysis of your annual financial accounts
- Do you know your figures?
- Does your operating surplus cover your existing debt servicing, leases, plant replacement, tax and personal spending?
- How are you absorbing the extra debt caused by the low milk price?
- Are you making progress?
Benchmarking
- Confidentially compare your farm against average and top farms in DairyBase.
- Identify your areas of opportunity for improvement.
- Formulate plans for improved profit performance.
Meeting with your bank manager and accountant
- Develop a team approach with your rural business professionals.
- Keep everyone in the loop.
Purchase, leasing, sharemilking or development appraisals
- Assess the risks and benefits before you commit.
- How will it affect your whole business?
- Are you forecast to make any money?
Restructuring options
- Is your current farm system right for you?
- Do you need to rationalise your farming operation?
- What changes do you need to make in order to survive the current low milk price?