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About 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.
Services provided by a FarmRight "fully managed" contract:
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 - Business Planning, Budgeting, Analysis & Reporting
- Monthly reporting:
- Property & Production report including:
- The Farm Managers report
- The Consultant's report
- Comparisons to budget
- Financial report including comparisons to budget
- Summary report (high level)
- Detailed Cash Manager reports on a "line by line" basis
- Reports available in hard and/or electronic copy.
- Annual year end financial report and meeting.
- Budget and Cashflow preparation.
- Budgets are agreed with the business owners prior to the budget year commencing.
- Quarterly 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.
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
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;
- Employment Agreements
- Position Descriptions
- Coaching of key staff
- Performance management as required.
- Compliance Management (e.g OSH, 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. This is the key role of the Farm Investment Manager.
Partially Managed Farms
FarmRight offers clients the ability to select from the services detailed above as required to meet their specific situation and business goals.
Key Benefits of Farm Investment Management (F.I.M)
- Dairy Farming Specialists.
- Independent professional managers with proven systems and structures required to successfully run a profitable large-scale investment.
- Dairy Farm 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 (e.g. financiers).
- 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 owners goals.
- Allows for farm owners involvement in dairying without the workload, whilst maintaining overall governance and control.
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