Dairy NZ

The first quarter of the year is now past and it is timely to review where you are up to:

• Update your cashflow budget. Production and costs are likely to be different to your initial budget – how does this affect your planning for the rest of the season? Think about who you need to update – your partners, banker, accountant or consultant?
• Using your updated budget, watch your current OD limits. Charges can arise from unused OD facilities, so it can be wise to review where you are at. If need be, have a conversation with your banker
• Provisional tax dates are looming. Talk to your accountant about your current situation and get your planning right to avoid under or over payment
• Keep your records up to date – staying on top of things throughout the year will make end of year accounting a lot easier
• Are your year-end accounts for 2010/11 complete? Get the maximum value from these accounts by having them entered into DairyBase. This will allow you to benchmark performance and help you to understand opportunities to improve your business
• Don’t forget to look at what you are doing well as a foundation for building success – we too often focus on weaknesses.