Being clear on the future make-up of your farm business and what you want your farm business to deliver for you is absolutely critical for dairy farmers as we approach the end of milk quotas in 2015.
That was one of the key messages delivered by Teagasc head of dairy knowledge transfer, Tom O’Dwyer, at the launch of the new Teagasc planning workbook at the Moorepark 2013 this week.
“We are entering a new era in Irish milk production and while being a technically efficient farmer will be absolutely necessary, it will not be enough in the future. Dairy farmers are going to have to be able to think strategically and tactically and this workbook will allow farmers to clarify their thinking in relation to key decisions on their farms.”
Speaking on behalf of AIB, who sponsored the publication, AIB Agri Advisor Donal Whelton welcomed its publication. “AIB is pleased to support the publication of this workbook which will support farmers in making key decisions about their business. The process of completing this workbook will better position farmers for farm planning and indeed discussing their future plans with stakeholders in their business including financial institutions.”
Teagasc Financial Management Specialist, Kevin Connolly, highlighted how it could be used by dairy farmers in advance of the preparation of a full financial plan. “The planning workbook provides a framework to allow ideas and targets to be worked into a well thought through plan for the business. This is an essential step in the planning process and gets the groundwork in order to allow a financial plan, complete with cash flow and profit projections, to be built around the plan afterwards in a way that clearly links the financial figures to the physical plans for the business.”
The new Teagasc Business Planning booklet “Your Farm, Your Plan: Planning for Your Future” which is sponsored by AIB was launched at the Moorepark Open Day 2013. It will be available on the Teagasc website shortly.
Pictured at the Teagasc national open day in Moorepark, Fermoy, Co Cork for the launch of the new Teagasc Business Planning booklet “Your Farm, Your Plan: Planning for Your Future” which is sponsored by AIB are Bill O’Keeffe, Conna, Fintan Phelan, Teagasc, Tom O’Dwyer, Teagasc Head of Dairy Knowledge Transfer, Donal Whelton, AIB Agri Advisor & Michael Crowley, Skibbereen. Photo O’Gorman Photography