The Rural Financial Counselling Service (RFCS) NSW works with farmers to improve their business outcomes. One of the tools that the Rural Financial Counsellors use with their clients is benchmarking which can help farming enterprises to continually improve and achieve long-term success.
Benchmarking involves comparing performance, processes, products or operations with other parts of the business, competitors or industry best practices.
RFCS NSW CEO, Craig Hough says that by utilising benchmarking within farming enterprises, farmers can gain insights into areas where their business is excelling and where there are performance gaps.
“Understanding what benchmarking is and the significant benefits that can be gained by using practices to improve efficiency, productivity and profitably of a business is a fundamental in better managing your farm,” says Craig Hough.
“It is important to use benchmarking within farming to address challenges and opportunities that present within the NSW region to identify opportunities for growth, provide insights, make better decisions and drive continuous improvement.”
Craig says the first step for farmers to get started on benchmarking their farming business is to gather their financial statements. This includes profit and loss statements and balance sheets to provide a comprehensive overview of their business’s financial health over the past financial years.
“Before comparing their farm’s performance with industry benchmarks it is crucial to conduct internal benchmarking. This involves assessing their business performance against past performance to identify areas of improvement or decline. A focus on measuring debt levels; can provide valuable insights into their farms long term viability.”
“Our Rural Financial Counselling Service provides personalised support to ensure individual situations and circumstances are considered. Our counsellors aim to guide farmers through the process of understanding benchmarking and unlocking sustainable success,” he says.
Contact your local Rural Financial Counsellor at RFCS NSW on 1800 319 458.
ENDS
RFCS NSW Media Enquiries
Stakeholder and Communications Manager: Kate Anderson
kate.anderson@rfcsnsw.com.au
