Dairy farmers are under extreme income pressure right now due to a drop in milk price, but small improvements can quickly add up to big savings.
Teagasc, together with stakeholders from the Get Farm Financially Fit campaign, have organised a number of on-farm dairy walks, which began this week in County Clare, which will provide timely advice in the following areas: Grass budgeting, winter feed budgeting and cash flow management.
According to Teagasc Head of Dairy Knowledge Transfer Programme, Tom O’Dwyer, “The three key steps that should make up the process 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: “Many farmers do not complete cash flow budgets, but at these events we 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.”
Teagasc, together with Get Farm Financially Fit stakeholders, are 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.
Local Dates
The managing through 2016 farm local walk dates are as follows: Wednesday, 29 June David Murphy, Kilmore Cottage, Tallow, County Waterford; Wednesday, 6 July Michael Gowen, Downing, Kilworth, County Cork.
