Project Overview
Participants in this project participated in a workshop introducing benchmarking as a management tool. Workshops focused on identifying your own business’s benchmarks and learning to use FINBIN® as a source for acquiring current industry high producer benchmarks. Emphasis was placed on benchmarks of the top-producing businesses. Individual instruction focused on interpreting benchmarks, identifying variances, and developing management strategies that will improve the financial success of the business and reduce financial risks through diversification, resource risk reduction, and debt reduction strategies. Within 30 days, 22 out of 24 participants completing their FINAN® report identified areas to improve in their businesses and developed a management strategy to improve their benchmarks. During the measurement phase of the one-on-one consultations, many producers were forced to focus their management efforts on producing all they could through a very dry summer and finding alternative summer and fall forage due to drought and fires. As a result, they were not able to fully implement or monitor their management plans during the 2012 production year. Extension of the grant through December 2012 allowed for continued one-on-one consultations to begin building next year’s strategic plan and evaluate all options for managing costs due to drought and fire.
Number of Participants: 103
PROMOTIONAL MATERIALS
There are no promotional materials available for this project.
EDUCATIONAL MATERIALS
There are no educational materials available for this project.
REPORTS & EVALUATIONS
There are no reports or evaluations available for this project.