Ok, the dairy payout is very low so how will farmers, and we are including non-dairy here, get through these tight times? As we all know these conditions have major flow-on effects to the rest of the agriculture industry.
Below is a link to one farmer’s response to the second year of low milk prices, including last week’s announcement of the $3.85 payout from Fonterra.
He firstly reviewed the farm operation, identified where savings could be made and set about minimizing the impact on their bottom-line as much as they could.
Fortunately he used Figured and Xero, the cloud-based and modern farm accounting system, which shows the current farm financials and, importantly, ability to instantly update and forecast the cash position for the coming season. What’s more, the latest payout numbers were inside the Figured package just 30 mins after the announcement, so the farmer was immediately able to deduce his next steps forward.
To find out more about this pertinent story please follow this link.