January is a good month to review your 2023 financial performance before you start focusing and putting a plan in place for 2024 and on this week’s joint episode with Ciarán Lynch from Teagasc’s Ovicast sheep podcast, we discuss financial management tips on drystock farms with Teagasc Financial Specialist Kevin Connolly.

Kevin first outlines the benefits of completing a profit monitor. He discusses the data that’s required and how farmers make use of the data for their system. 

Kevin explains the reports that can be developed and the importance of benchmarking the farm as volatile market or weather conditions can really impact financial performance 

One year is a starting point and after completing it for 3-5 years it enables the farmer to develop a plan with their advisor to make decisions on the system, on farm investment and future direction of the farm.

Further details are available at:

https://www.teagasc.ie/rural-economy/farm-management/financial-analysis/farm-profit-analysis/

For more episodes from the Beef Edge podcast, visit the show page at:
https://www.teagasc.ie/thebeefedge

Produced on behalf of Teagasc by LastCastMedia.com