Benchmarking - Finding Industry Data
Past articles in the benchmarking series explored the general concepts and benefits of benchmarking your performance, ideas about the data, its accuracy, timeliness and applicability and their importance to the integrity and usefulness of any benchmarking analysis. So, where can you find applicable benchmark data?
This article appeared on the March 16, 2015 FarmFutures.com website.
Progressive, like-minded farmers that don’t necessarily compete in the same geographic market can benefit from networking with each other and sharing information. However, care needs to be taken in order to account for differences in costs, local industry oddities, supply, demand, etc. Informal groups can be formed through casual conversation. Specific peer advisory groups are forming at increasing rates across the country as the benefit of participation is being realized by a growing number of agricultural producers.
Deciding what exactly to measure inside your business is another important consideration when you implement benchmarking analysis into your farm management system. It’s not all about creating some fancy spreadsheet with a bunch of numbers. Deciding what to measure and why brings relevancy to your specific business. We’ll explore what to measure in the next segment in this benchmarking series.
Know Your Numbers. Know Your Business.