Agriculture Victoria’s Livestock Farm Monitor Project (LFMP) has been running for fifty years. The project collects detailed physical and financial farm information from producers, and provides them with a thorough business performance report. Agriculture Victoria is currently offering sheep and beef producers the opportunity to participate in the 2019-20 LFMP.
Farm Business Economist Sam Henty said for a farm business to achieve its goals it must establish whether it can pay the bills, understand how efficiently it uses its resources, and determine whether the owner is increasing their net worth. The Livestock Farm Monitor Project provides producers and decision makers with this information.
Does this sound like something you might be keen to get your farm involved with? Listen to Sam Henty speak to Libby Price on Country Today to find out more or read on below.
Using the whole farm business approach the data gathered will establish the cash, profit and wealth position of your business. In the past participants have used their report data to obtain or extend loans, or to inform short, medium and long-term business decision making.
Data collection occurs in July and August each year, to coincide with the end of the financial year. Data collected includes; farm income and costs for the financial year, trading and breeding details, feed input and production, fertiliser and labour inputs and a complete stock, feed, land and farm machinery inventory, including all farm assets and liabilities.
Limited places are available for individual farms and farm discussion groups across Victoria to participate in the 2019–20 LFMP. There is no cost for participants, and all information is treated as strictly confidential.
Previous reports are available on the Agriculture Victoria website.
For further information, please contact Sam Henty on 0430 482 443 or email@example.com.