Farmers have very little control over the market price they receive for their stock. Ensuring stock meet market specification will help achieve the best price, but getting the highest price at sale does not necessarily lead to the highest profit.
Costs of production and output drive profitability. These are both areas of the business where farmers do have control. Identifying and understanding the farm’s physical performance and costs of production, then comparing these against similar businesses (benchmarking) will help farmers identify where they perform well, and where they could make changes to improve performance and profitability.
QMS publish yearly Enterprise Costings that can be used as a guide when benchmarking your farm business performance.
You will find a number of features on this page taken from Livestock + magazine, produced by QMS, that highlight how farmers around Scotland have made changes to the management of their farms in order to improve their bottom line.