ANZ Bank, DairyNZ partner on financial benchmarking of dairy farms
By Peter Kerr
June 29 (BusinessDesk) - DairyNZ is partnering with Australia & New Zealand Banking Group to boost the financial performance of dairy farms.
Under a memorandum of understanding, DairyNZ’s business performance analysis tool, DairyBase, will be available to ANZ Bank economists and agri managers when working with farmers, they said in a statement.
DairyBase consolidates the financial results from more than 1,800 farmers, allowing like with like comparisons. Some 41% of dairy farmers currently use benchmarking.
“As farmers look to ways of becoming more productive, effective business management and planning hold the opportunity to realise the large potential profit left on the table each year,” Ross Verry, ANZ’s head of agri and strategy said in a statement. .
The MOU has a five year term and encourages farmers to develop business plans based on an evaluation and benchmarking of their businesses’ financial performance.