A new resource designed to help farmers measure their business performance has been launched by the Red Meat Profit Partnership (RMPP).
Key Performance Indicators, or benchmarks, have been developed in conjunction with a group of industry professionals and farmers.
These include lambing percentage, ewe flock efficiency, calving percentage and even gross farm revenue per hectare.
This helps farmers see where they are sitting compared with their peers.
RMPP chairperson Malcolm Bailey says the toughest part of putting this resource together was deciding on an agreed standard.
"Different people in the industry have different ways of working these things out. I joked that maybe at one point it was easier to achieve world peace," Mr Bailey joked.
"What we've tried to do is make it easier for people to utilise these tools, and to get as much standardisation of approach as possible."
The nine core farm performance measures are:
- Animal production performance %
- Flock/herd efficiency
- Lamb scanning to weaning losses
- Gross Farm Revenue (GFR) per effective hectare
- Farm Working Expenditure (FWE) per effective hectare
- Farm Working Expenditure (FWE) Ratio
- Earnings Before Interest Taxes Rents and Paid Managers Salary (EBITRm)
- Net production per effective hectare
- Live weight gain
Tools of the Trade is a regular feature on Rural Exchange thanks to our friends at Husqvarna.
Listen to the full interview with Malcolm Bailey above.