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Farms.com Home  › Videos ›  Ag Business & Finance Videos

New Benchmarks for Canadian Agriculture: How Do You Measure Up?

Feb 02, 2021

Video: New Benchmarks for Canadian Agriculture: How Do You Measure Up?


Farm Management Canada

New Benchmarks for Canadian Agriculture: How Do You Measure Up?

Sponsored by BDO

• Matt Penner, Senior Manager Pembina Branch, BDO
• Lisa Kemp, Partner, Lindsay Branch, Agriculture Industry Lead, BDO
• Larry Martin, Principal, Agri-Food Management Excellence
• Maggie Van Camp, National Agricultural Practice Development Leader, BDO (Moderator)

For 20 years, farmers in Canada’s leading farm business management training program, CTEAM (Canadian Total Excellence in Agricultural Management) program consistently voiced two criticisms: lack of clarity between financial performance and management practices, and lack of consistency in farm financial accounting making it difficult to gauge their performance against others.

BDO teamed up with Agrifood Management Excellence (AME) who run the CTEAM program to benchmark financial performance based on a new standard for farm financial statements.

By using a standardized financial statement for farms measured against performance benchmarks, we now have a better understanding of the connection between financial performance and management practices. The results have powerful messages for managers, messages that can assist in making better decisions. Improvements are being seen in operations, production, human resources, marketing and finance.

The Benchmarking for Better Decisions report is being released annually with the most current results and trends.

This presentation will:

• Explain the standardized financial statement
• Illustrate how the statement’s ratios can assist in diagnosing and improving management issues
• Share the results of the latest analyses including the recipes for farm financial success for various farm type

 

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