A Guide to Keeping Records That Help Make Profitable Decisions

The start of a new season and year is the perfect time for beef producers to look back on what went well and think ahead to what can be improved.

Do you feel like you have a good understanding of your farm’s profit and production? Do you have goals for the upcoming season?

You can learn a lot about your farm when you make the effort to collect and take a look at your financial and production data. Perhaps you assumed an area of your operation was performing better than it truly was and records demonstrate improvement is needed. On the other hand, analyzing data may point to improvements that you didn’t realize occurred.

Good farm records are useful to provide the data needed to understand your farm performance and will help take the guesswork out of management decisions. Research shows that when producers set goals and keep records, they can achieve up to 60 more pounds of calf weaned per cow exposed. Benchmarking also helps producers be prepared for challenging times such as drought and other environmental disasters, and will maximize the benefits of your annual VCPR (Veterinary Client Patient Relationship) visit with your herd veterinarian. Continue reading

Every Farm Has Different Goalposts – Setting Goals and Defining Success

What does a “successful” Canadian beef farm look like? How do you define success on your farm?

Canfax and the Beef Cattle Research Council recently released the results from their Canadian Cow-calf Cost of Production Network. The project collected data from 115 beef producers across Canada and summarized production benchmarks such as cow size, weaning weight and calf mortality. The network also looked at profit and expense benchmarks like feed costs, cow depreciation, enterprise revenue and more. A detailed summary of these results can be found here.

Interested in the Canadian Cow-Calf Cost of Production Network?

Producers receive:

  • Opportunity to learn from and share experience with other similar producers
  • $500 honorarium
  • Farm summary of production system including physical performance indicators
  • Summary of the whole farm, cow-calf enterprise and retained ownership enterprise, with 2020 baseline and five years of historical indexing
  • Summary of future farm scenarios

Sign up at: https://www.canfax.ca/COPNetwork.aspx

While profit and production numbers are often touted as measures of success, participants in the Cost of Production Network pointed out that fiscal targets are not their only focus. Success looks different for every farm because individual goals and values vary. Some producers may put a spotlight on strategies to increase revenue and reduce costs while other farmers view success as working well with family members or having less overall stress. All definitions are important and worth striving for.

Andre and Katie Steppler were named Manitoba Region’s Outstanding Young Farmers (OYF) in 2020. They manage the cattle division of Steppler Farms, where they run purebred and commercial Charolais herds as well as the recent addition of a registered Black Angus herd.

While winning the OYF award may be the very definition of success for most farmers, Steppler, who works alongside his three brothers, their families and his parents near Miami, Manitoba, is quick to point out that there is no single goal or target that makes their multigenerational farm work. “It’s about shared visions and goals and it’s a revolving thing,” he says. “You can’t stand still.” Continue reading