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AgriProfit$ Business Analysis and Research Program | |
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From the Nov 9, 2009 Issue of Agri-News | |
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| | Alberta Agriculture and Rural Development is looking for Alberta crop and livestock producers willing to participate in the AgriProfit$ program. AgriProfit$ is a business analysis and research program that provides economic analysis and farm business management information to Alberta producers to help them manage their businesses.
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"Producers who participate in AgriProfit$ receive a detailed analysis of their own farming operation, which drills right down to their own unit costs of production, such as the cost per bushel of wheat or cost per cow," says Karla Bergstrom, production crops economist with Alberta Agriculture and Rural Development. "Producers also receive financial benchmarks (comparable averages) that are based on real farms. These benchmarks are valuable to managers because they can be used to assess the competitiveness of their farm and help capitalize on operational strengths and minimize their weaknesses."
Producers can use their own AgriProfit$ analysis to assess their farm's year-over-year business and financial performance. They can also compare their farm's performance to regional benchmarks. We group economic benchmark information by region, size and type or management practice. In this way, producers can compare themselves to similar operations.
"Take caution when making decisions based on applying benchmarks to individual situations," says Bergstrom. "Not all producers in a region have the same average costs - in fact significant variation between farms is normal. An AgriProfits$ analysis is so powerful for managing your farm business because it measures your current business position and allows you evaluate operational changes. You can't manage what you don't measure!"
Producers on the AgriProfit$ program say that they have taken back control of their business and that they are far more effective at analyzing, planning, budgeting and decision making. Participating in AgriProfit$ gave them an understanding of their long-term average costs. They can now identify targets for what their long-term costs should be. By managing costs towards the targets they've set, they have lowered their cost per unit produced and become more profitable.
"Good management information is the first and most important step in managing for profitability," says Bergstrom. "I encourage producers to join AgriProfit$ for the 2009 production year and take control over their business' destiny."
To join the AgriProfit$ Business Analysis and Research Program, contact the Ag-Info Centre at 310-FARM.
Contact:
Karla Bergstrom
780-422-3122 |
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For more information about the content of this document, contact Karla Bergstrom.
This document is maintained by Rita Splawinski.
This information published to the web on November 3, 2009.
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