Benchmark annually

February 4, 2010 08:00 AM
 


Jim Salfer's check of net returns for Minnesota dairies in recent years shows wide variability in profitability between producers.

"Across years of good milk prices and poor milk prices, the bottom 20% of producers consistently have negative returns,” he says. Comparing your profitability against the best in the industry will help you spot areas of weakness in your operation and get you back on track for developing profit improvement strategies.

As a starting point, Salfer recommends checking with university Extension in your state to see if it maintains a benchmarking Web site like the University of Minnesota's Center for Farm Financial Management.
 

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