Over the past twelve months we have seen extreme fluctuations in factors affecting agricultural return such as exchange rates and dairy payout. This volatility is changing the risk status of agriculture in New Zealand. Farmers need to take greater control of the financial management of their businesses. There is a great opportunity to increase profitability on sheep and beef properties but it needs to be driven by a willingness of farmers to up skill themselves on what influences profitability. This has to be done by being informed, knowing where the business is now and then looking forward. This project sought to identify levels of budgeting skill amongst sheep and beef farmers, to explore the impact of effective financial budgeting and to examine the barriers for farmers to financial budgeting.
Financial budgeting in sheep and beef businesses
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