Benchmarking - Knowing your unit cost of production
Benchmarking is an enterprise-based assessment that allows you to establish where improvements can be made in your business by comparing individual operational elements (e.g. costs and performance data) against similar farms. It also encourages farmers to share knowledge and experiences
The benefits of benchmarking
- It improves competitive position by comparing performance against businesses with best practice and implementing improvement programmes based on the results.
- It provides an opportunity to better understand your entire business and thus increases the chances of long-term success.