Learn how to do a simple dairy farm cash flow budget at upcoming Teagasc walks
Farmers will learn how to complete a simple cash flow budget at the upcoming Teagasc dairy farm walks, Teagasc Financial Specialist, James McDonnell has said.
With dairy farmers under extreme income pressures at the moment, Teagasc along with stakeholders from the Get Farm Financially Fit campaign have organised a number of on-farm dairy walks.
These walks, which kick-off today in Co. Clare, will provide advice on grass budgeting, winter feed budgeting and cash flow management.
Teagasc Head of Dairy Knowledge Transfer Programme, Tom O’Dwyer, has said that the three key steps that should make up the process of making savings on the farm are: review performance, identify the problems and consider the options.
“Farmers need a realistic and a detailed budget in order to measure their current performance, identify problem areas and to predict cash generation.”
A solid budget will also provide credibility if more funds are required.
Teagasc Financial Specialist, James McDonnell said that many farmers do not complete cash flow budgets, but at these events Teagasc will show you how to complete a simple budget and discuss options where the cash flow situation is tight, such as what spending should be prioritised and what should be delayed.
It is organising a series of meetings to address the current cash flow pinch and to help farmers examine solutions in confronting the current cash flow.
Stakeholders include, MABS, Bank of Ireland, Allied Irish Banks, Ulster Bank, IFAC, Mental Health Ireland and Microfinance Ireland.
The Managing Through 2016 farm walk dates are as follows:
- Wed June 22 – Sean Bugler, Moynoe, Scariff, County Clare.
- Thur June 23 – Mitchell Hayes, Dawstown House, Dawstown, Blarney, County Cork.
- Thur June 23- Eugene Fitzpatrick, Lisryan, Granard, County Longford.
- Wed June 29 – Liam & William Cleary, Kilrea, Ardcroney, Nenagh, County Tipperary.
- Wed June 29 – Niall O’Loughlin, Harristown Lodge, Nurney, County Kildare.
- Wed June 29 – David Murphy, KIlmore Cottage, Tallow, County Waterford.
- Thur June 29 – Chris and T.J. Tuffy, Doonally, Sligo, County Sligo.
- Thur June 30 – John and Edwin Thompson, Kilmore, Golden, County Tipperary.
- Thur June 30 – Pat & Patsy O’Keeffe, Killowen, Newmarket, County Cork.
- Fri July 1 – Shay Ryan, Rochestown, New Ross, County Wexford.
- Wed July 6- Michael Gowen, Downing, Kilworth, County Cork.