Dairy Benchmarks Program
The Farm Credit Dairy Benchmarks Program offers a unique way to test the financial and production "fitness" of your dairy farm.
The Dairy Benchmarks Program provides in-depth financial and production analyses and compares results with those of similar, profitable farms in the program. The program runs every spring and includes an on-farm visit with your own personal Farm Credit consultant to review your business trends, pinpoint strengths and weaknesses and implement appropriate business changes.
Watch the two-minute video below to learn more. To join the Dairy Benchmarks Program, contact your Farm Credit East representative or local branch.
What does the program include?
Data collection. Your Farm Credit benchmark specialist will work with you to compile data that profiles your business in a variety of ways – from income to production efficiency to employee compensation and benefits.
Data analysis. Farm Credit will profile your farm and illustrate how it compares to other operations of similar size. Your data stays confidential; only you and your consultant know your results. And the report is only prepared for members of the benchmark and no one else.
Comprehensive seminar. You'll spend time with other successful dairy farmers discussing critical industry issues, getting answers to specific questions and taking part in practical hands-on exercises.
Dairy Benchmarks report. At the seminar, you will receive your personal benchmark report offering a wide range of useful reports for your farm – from a comparative earnings statement to milking parlor analysis.
Follow-up meeting. Following the seminar, your Farm Credit consultant will make an on-site visit to your farm to review your Dairy Benchmarks Report and develop a personalized action plan on how you can enhance your business.
Program extras. Networking opportunities; small group meetings on special interests; special studies; and access to members-only online community.
How farmers use this program
Farmers enter the program with lots of questions about improving their business and leave with answers. Questions include:
- How can I decrease labor expenses?
- Should I board out our youngstock?
- How does my farm measure up against other top farms?
- How do I know when - or if - it is time to expand my operation?
- Is my employee compensation package competitive?
- I had a large drop in production last year. What happened?
Some of the reports that you'll find in your customized Dairy Benchmarks Report:
- Balance Sheet
- Cash Flow Summary
- Comparative Detail Expense Analysis
- Comparative Earnings Statement
- Compensation and Benefits for Key Employees
- Equipment and Harvest Analysis
- Financial Ratios Summary
- Five Benchmark Size Groups
- Milking Parlor, Feeding and Culling Analysis
- Regional Benchmarks
- Size, Efficiency, and Herd Production Factors
- Your Farm Comparison to Farms of Your Herd Size
To join the Dairy Benchmarks Program, contact your Farm Credit East representative or local branch.