Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Benchmarking a Waste of Time for Farmers

Benchmarking a Waste of Time for Farmers

Benchmarking and historical financial records are largely a waste of time in farm management, according to farm business specialist Peter Floyd.

"After decades of trying all sorts of ways to make farm businesses pay I have come to the conclusion that benchmarking is not worthwhile because each farm business is different farmers' visions, their abilities, and their properties are all different," says Floyd.

"All that benchmarking tells you that your production is different, and that doesn't help. Similarly, although historical financial records are necessary for tax, they are of little value for managing a farm business properly."

Floyd also finds that discussion groups, which he once supported fully, are less relevant to today's farm businesses. Farmers are better off putting time into identifying and recording the critical success factors on their own properties, he says.

"Figuring out the best ways to make your business more profitable is actually not difficult, but it does take time and effort. You have to collect the right information, have the right analyses done, and know how to use the results to make your own decisions," says Floyd.

"And you have to do that yourself. Being accountable to yourself is the top line the vital bit that has the vision and does the thinking which has a major impact on your bottom line."


© Scoop Media

Business Headlines | Sci-Tech Headlines


Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>


Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>