What are the options for increasing family farm income? Are they through On-Farm efficiencies, by pursuing opportunities Off-Farm or through Diversification? To help farmers make wise financial decisions, Teagasc introduced a ‘Decision Tree’ application at the National Ploughing Championships in Athy, Co Kildare, recently.
A ‘Decision Tree’ is a means of methodically examining an individual farm situation. It’s a helping hand to take a serious look at the options for sustainability or further development. It will expose individual farmers to new ideas and take them through a decision making process.
Speaking at the Ploughing Championships, Teagasc Options Specialist, Maria Heneghan said; “In today’s economic climate, efficiency is vitally important. The ready reckoner that accompanies the ‘Decision Tree’ will help you to see clearly, the financial position of your farm. It will clarify for you if your inputs need to be reviewed and where there is scope for savings. It will also help you to address the major decision on succession and a livelihood for the next generation. The ‘Decision Tree’ is an easy to use, farmer friendly tool to help you to help yourself.
This autumn, Teagasc are staging a series of Options Courses at 12 locations around the country. The course will help participants consider the full potential of their farm and explore options for generating an additional income stream. For further information contact your local Teagasc office.