Farm Investment Management (F.I.M)
FarmRight's management of an individual business is influenced by the owner's requirements; however we believe there are several fundamentals to profitable dairy farming, including:
- Optimising pasture growth and quality
- Efficient pasture management and conversion of pasture to milk production
- Protection of the agreed cost structure through prudent monitoring and management of farm expenses
- A strong focus on continuous improvement through benchmarking against similar businesses
- A structured approach to the management of the business
Key Benefits:
- FarmRight are dairy farming specialists
- Independent professional managers with proven systems and structures required to successfully run a profitable large-scale investment
- Consultants provide specialist expertise and experience and, working with the Farm Investment Manager, enable the input of at least two FarmRight specialists for each property
- Provides structure within the business giving clearly defined roles to all involved
- Regular communication and full reporting to farm owners and others as directed
- Interactive approach with owners to ensure their goals for the property are being met
- Combined managed farms portfolio gives economies of scale and enables bulk buying benefits and savings
- Large scale of FarmRight managed farms allows for physical and financial statistical comparisons. This is a powerful management tool
- A structured and systematic approach to the management of the business to meet the owner's goals
- Allows for farm owner involvement in dairying without the workload, whilst maintaining overall governance and control
Services Provided by a FarmRight *fully managed* contract:
Operational Management Supervision
- Regular on-farm visits by the Farm Investment Manager
- At least monthly, although required visits throughout the year are likely to vary based on the seasonal farming calendar and issues to be addressed
- Visits are based around FarmRight monthly calendar and checklists.
- Liaison with all external contractors and service providers including:
- Agricultural contractors
- Graziers
- Suppliers
- Independent supervision of the Farm Manager and staff including;
- Individual Employment Agreements
- Position Descriptions
- Coaching of key staff
- Performance management as required
- Compliance Management (e.g WorkSafe, Dairy Company etc)
- Implementation of the asset management plan (as directed by owners)
- Ensuring consultancy advice meets business plan objectives
- Monitoring and influencing the overall business performance in relation to the Business Plan i.e achieving the required business outcomes - the key role of the Farm Investment Manager
Financial - Business Planning, Budgeting, Analysis & Reporting
- Monthly reporting:
- Property & Production report including:
- The Farm Managers report
- The Consultant's report
- Financial report including comparisons to budget
- Summary report (high level)
- Reports available in hard and/or electronic copy
- Property & Production report including:
- Annual year end financial report and meeting
- Budget and Cashflow preparation
- Budgets are agreed with the business owners prior to the budget year commencing.
- Statistical analysis and comparisons.
- Benchmarking against other FarmRight managed farms.
- Business improvement opportunities identified and implemented
- Compiling, updating and monitoring of the business plan, to be agreed with the business owners prior to the budget year commencing and to include:
- Policy & Procedures Manuals
- Asset Management Plans
- Liaise with banker, accountant, and solicitor as required.
Farm Consultancy
- Monthly visit & report (typically 3hrs on each farm)
- Technical "cows and grass" consultancy:
- Daily production
- Cow condition scores
- Intake levels and feed planning
- Action plans to achieve targets
Financial - Accounts Payment
- Full financial management and control including:
- Payment and recording of accounts on behalf of business owners
- Receipt of funds on behalf of business owners
- GST records and payments
- Wages and PAYE; records and payment
- Provide your accountant with a reconciled year end accountants report