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Ssawg 2018 benchmarking

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Ellen Polishuk
Ellen Polishuk

Ellen Polishuk discusses using benchmarks to improve farm profitability. Benchmarks include business standards, goals, competition, and comparisons to peers. Examples are spending 10% of gross on improvements and peers' gross sales. Benchmarking involves analyzing production, financials, prices, and lifestyle factors. It's important to ensure "apples to apples" comparisons. A 3-step process includes self-analysis, comparison, and identifying improvements. Data shows most farm income comes from off-farm work, and benchmarks provide targets to increase yields, lower costs, boost prices, and expand markets.

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Reaching for ProfitsUsing Benchmarks to Make Adjustments Ellen Polishuk SSAWG Conference Chattanooga, January 2018
What is a benchmark? A standard to measure by: A Historical Comparison Business Standards Comparison to Peers Goals Youve Set for Yourself Competition in the Market
Examples Business Standards I should be spending 10% of my gross on capital improvement Comparison to Peers in other geographic regions Gross Sales for similar sized farms Goals Youve Set for Yourself Gonna make $40,000 this year, Gonna break $4000 at market etc Competition in the Market Other peoples prices, other farms wages
Benchmarking by data type Production Yield, labor usage Financial profit, gross sales, $/acre Lifestyle insurance?, vacation?, children? Prices
Apples to Apples Gross vs Net Owner Income included? Geographic/Market Environment Not-so-obvious Subsidy/Support? Spouse Free labor (volunteer, intern) Gotta look a little deeper
3 Step Process 1. Self-Analysis - Whats really happening? Need data 2. Comparison How am I doing? Need benchmark 3. Improvement What can I do differently? Need ideas and the will to make changes
0 10 20 30 40 50 60 70 80 90 1988 1990 1992 1994 1996 1998 2000 2002 2004 $ 1,000 Farm earnings of farm households Off-farm income of farm households Total income of U.S. households Average farm operator household income by source compared to average U.S. household income, 1988-2004 Source: Farm Costs and Returns Survey (1988-95) and Agricultural Resource Management Survey (1996-2004), Economic Research Service 際際滷 from John Hendrickson, Outreach Program Manager Center for Integrated Agricultural Systems University of Wisconsin- Madison
Most farmers have off-farm income; Most small-scale operators depend on it 際際滷 from John Hendrickson, Outreach Program Manager, Center for Integrated Agricultural Systems, University of Wisconsin- Madison
Craig Chase work 2012 mixed veg CSA farm Number of shares per acre: 50 Gross income/acre: $17,500/acre ($350*50 shares) FTE/acre: 遜 - 他 person Labor as a percentage of production costs: 65- 75% Net income ratio: 35% ($6,125/acre at $17,500 gross) https://www.extension.iastate.edu/agdm/wholefarm/ html/c3-65.html FTE/Ac includes owner labor but not overhead/management labor Net Income is whats left to cover owner salary, and capital improvements
Craig Chase work-mixed veg non CSA Gross income per acre: Direct to consumer sales (organically certified) - $20,000 - $22,000 Direct to consumer sales (non-organically certified) - $16,000 - $18,000 Institutional sales (food cooperatives, restaurants) - $12,000 - $14,000 Institutional sales (universities, hospitals, care centers) - $10,000 - $12,000 Institutional sales (mainstream grocers, K-12 schools) - $8,000 - $10,000 Wholesale sales (via a food broker) $6,000 - $8,000 https://www.extension.iastate.edu/agd m/wholefarm/html/c3-65.html FTE/Ac includes owner labor but not overhead/management labor Net Income is whats left to cover owner salary, and capital improvements FTE/acre: 遜 他 person Labor as a percentage of production costs: 65-75% Net income ratio: 35%
Craig Chase work - 2012 Gross/acre FTE/Ac Labor as % of production cost Net income ratio CSA Model Farm $17,500 遜 - 他 65-75% 35% ($6125/ac) Non-CSA Farm $6-22,000 遜 - 3/4 65-75% 35% ($2100-7700) FTE/Ac includes owner labor but not overhead/management labor Net Income is whats left to cover owner salary, and capital improvements
Data from UW Study of 23 Vegetable & Market Farms In Wisconsin - 2005 These farms all grow multiple vegetables and sell in multiple channels. Benchmarking With Other Farms
Farm Size <3 acres 3 to 12 acres >12 acres Average Gross Sales per Acre by farm size $15,600 $11,120 $10,810 Range $9,000 $28,000 $7,060 $15,260 $6,710 $16,690 UW Study of Small Vegetable & Market Farms In Wisconsin Gross Sales per Acre Variability!
Farm Size <3 acres 3 to 12 acres >12 acres Average Labor hours per Acre by farm size 1,957 850 554 Range 592 3,021 349 1,870 166 729 Average FTE per acre 0.3 1.5 0.2 0.9 0.1 0.4 UW Study of Small Vegetable & Market Farms In Wisconsin Average Labor hours per Acre Variability! FTE = Full Time Equivalent (2000 hours/year)
Farm Size <3 acres 3 to 12 acres >12 acres Net Income per Acre- (no owner pay yet) $5,664 $4,679 $3,757 Range $-1,886 $17,269 $466 $9,792 $779 $10,120 UW Study of Small Vegetable & Market Farms In Wisconsin Net Income per Acre Variability!
How Do You Compare?
The CSA Benchmark Collaborative How Well is My Operation Really Doing? Gary Matteson Erin Pirro The Farm Credit Council 2012
Five-Line Income Statement Create a Five-Line Income Statement to turn a bunch of numbers into a snapshot of your business performance. This is part of your One-Page Business Plan! www.foodshedguide.org Gross Sales Less COGS Equals Gross $1.00 - .58 .42 .28 .14 Margin Less Overhead Equals Net Margin - The Farm Credit Council .55 .45 .30 .15 PVF
Ssawg 2018 benchmarking
What are the possible reasons for lower gross sales numbers? The Benchmark says gross sales should be $18-20,000 per acre You are grossing $10,000 Now What?
Unpeeling the Onion or Asking the 5 Whys? YIELD PROBLEM? COST PROBLEM? PRICE PROBLEM? MARKET PROBLEM?
Yield Problem
Yield Benchmarking Conventional Ag: Knotts Vegetable Guide University Crop Budgets Smaller Scale Sustainable Ag: Roxbury Farm Harvest Guide Wiswalls book (20 crops) The Market Gardener
FIELD TOMATOES Wiswalls Book The Organic Farmers Business Handbook
My Yield Data
Other Yield Benchmark Ideas Your own data from the past Your Extension Agents eye Your Neighbors Eye What other Farms Look Like Hint hint go visit other farms!
Unpeeling the Onion or Asking the 5 Whys? YIELD PROBLEM? COST PROBLEM? PRICE PROBLEM? MARKET PROBLEM?
Cost Problem Possible Solutions = 1. Use smaller holes in the plastic 2. Weed sooner 3. Overall farm weed management improvement 4. Dont Grow Onions!
Cost Problem? Possible Solutions = 1. Improve this wash station with better plumbing, room for 2 folks to work 2. Build another wash station 3. Get Root washer 4. Dont grow things that need washing
Cost Solutions
Cost, Yield, and Labor Benchmarks Beets, bunching - Yield = bunch per foot at 7200 bunches to the acre - Value = $1.50 per bunch at $10,800 per acre. Remainder is harvested for beets without tops at a value of another $4,000 Standards: - Harvesting: 30-40 bunches per hour per person depending on quality of the leaves @ approximately 200-250 hrs per acre in cutting plus loading and unloading boxes from and to washing area Washing: 100 bunches per hour From Roxbury Farm Harvest Guide
Unpeeling the Onion or Asking the 5 Whys? YIELD PROBLEM? COST PROBLEM? PRICE PROBLEM? MARKET PROBLEM?
Price problem?
Other Price Benchmarks are you really looking? Conventional stores Specialty grocery stores CSAs look online Farmers Market Prices Remember to compare apples to apples!
Benchmarking Price Increase lettuce and chard prices by 25 50 cents (based on prices seen at Whole Foods and FM) Price purchased produce comparable to other roadside stands in the area
Increase Price: A little change in price can make a big difference. Cost of production Price Gross profit per bunch Gross profit per 100 bunches Percent increase in profitability $1.00 $1.50 $0.50 $50.00 0 $1.00 $1.75 $0.75 $75.00 50% $1.00 $2.00 $1.00 $100.00 100% Bunched Chard, or Parsley or
Unpeeling the Onion or Asking the 5 Whys? YIELD PROBLEM? COST PROBLEM? PRICE PROBLEM? MARKET PROBLEM?
Market Problem?
Market Problem?
Unpeeling the Onion or Asking the 5 Whys? YIELD PROBLEM? COST PROBLEM? PRICE PROBLEM? MARKET PROBLEM?
Unpeeling an onion One Example Now What? The Farm Credit Council Your labor cost as a % of sales is 45%, That is higher than the benchmark of 33-35%
What are possible reasons for high labor cost (as a percent of sales)?
Problem = High Labor $/acre Possibility #1 cost per worker equivalent: Now Spending $30,000 ($15/hour) on a full-time equivalent the benchmark is $30,500 Conclusion: Were spending an average amount per worker Benchmark data from Farm Credit East Ag Retail Benchmarking Group
Problem = High Labor $/acre Possibility #2, hours worked per acre: Now putting 345 labor hours in per acre the benchmark is 350 Conclusion: Our farm is about average efficiency-wise Benchmark data from Farm Credit East Ag Retail Benchmarking Group
Problem = High Labor $/acre Possibility #3 sales per worker equivalent: Now workers generate $50,000 of income per full-time equivalent; the benchmark is $75,000, Conclusion: Were not grossing enough Benchmark data from Farm Credit East Ag Retail Benchmarking Group
What are possible reasons for < $75,000 in sales per Full time equivalent worker?
Possible reasons for < $75,000 in sales per Full time equivalent worker? Yield problem? = not enough to sell Sales problem? = not selling what you grow Price problem? = selling it all, there is plenty, but the price is too low
Remedies for Were not Selling Enough? Increase Yield Boost sales efficiencies Add value Change product mix Train staff Increase prices
Five-Line Income Statement This is part of your One-Page Business Plan! www.foodshedguide.org Gross Sales Less COGS Equals Gross $1.00 - .58 .42 .28 .14 Margin Less Overhead Equals Net Margin - The Farm Credit Council .43 .57 .33 .10 PVF Overhead Benchmark Problem?
Infrastructure Cost Problem? Make sure I can afford big infrastructure improvements and that they help me with profits
CSA Farm Ratios from 6 farms in Wisconsin and Minnesota, 2012 Farm A Farm B Farm C Farm D Farm E Farm F PVF Net to Gross 48% 36% 39% 27% 37% 33% 36% Veg. Acres 6 4 7 3.5 3 4 20 Gross per Acre $24,081 $46,237 $19,271 $19,954 $33,000 $10,323 $22,000 Net per Acre $11,574 $16,578 $7,568 $5,426 $19,500 $3,358 $7900 Assets per Acre $23,667 $37,221 $17,431 $44,286 $16,667 $13,000 $40,000 Assets to Gross 1.0 0.8 0.9 2.2 0.3 1.3 1.8 Assets to Net 2.0 2.2 2.3 8.2 0.9 3.9 5.0 際際滷 from John Hendrickson, Outreach Program Manager,Center for Integrated Agricultural Systems University of Wisconsin-Madison
How do you compare? And does it even matter?
Lets Grow Better, Together Ellen Polishuk Ellen@planttoprofit.com
Reaching for Profits: Using Benchmarks to Make Adjustments What are the benchmarks you look at to measure success on the farm? How do you assess the overall market and gauge what your peers are doing whether its at the farmers market, on their farm stand, or in their marketing materials? We don't farm in a vacuum competition for markets, for price, and for labor is fierce. In order to make a profit, it pays to learn from others examples. Ellen Polishuk will share strategies for assessing and refining your systems. Ellen Polishuk, farm consultant (MD)

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Ssawg 2018 benchmarking

  • 1. Reaching for ProfitsUsing Benchmarks to Make Adjustments Ellen Polishuk SSAWG Conference Chattanooga, January 2018
  • 2. What is a benchmark? A standard to measure by: A Historical Comparison Business Standards Comparison to Peers Goals Youve Set for Yourself Competition in the Market
  • 3. Examples Business Standards I should be spending 10% of my gross on capital improvement Comparison to Peers in other geographic regions Gross Sales for similar sized farms Goals Youve Set for Yourself Gonna make $40,000 this year, Gonna break $4000 at market etc Competition in the Market Other peoples prices, other farms wages
  • 4. Benchmarking by data type Production Yield, labor usage Financial profit, gross sales, $/acre Lifestyle insurance?, vacation?, children? Prices
  • 5. Apples to Apples Gross vs Net Owner Income included? Geographic/Market Environment Not-so-obvious Subsidy/Support? Spouse Free labor (volunteer, intern) Gotta look a little deeper
  • 6. 3 Step Process 1. Self-Analysis - Whats really happening? Need data 2. Comparison How am I doing? Need benchmark 3. Improvement What can I do differently? Need ideas and the will to make changes
  • 7. 0 10 20 30 40 50 60 70 80 90 1988 1990 1992 1994 1996 1998 2000 2002 2004 $ 1,000 Farm earnings of farm households Off-farm income of farm households Total income of U.S. households Average farm operator household income by source compared to average U.S. household income, 1988-2004 Source: Farm Costs and Returns Survey (1988-95) and Agricultural Resource Management Survey (1996-2004), Economic Research Service 際際滷 from John Hendrickson, Outreach Program Manager Center for Integrated Agricultural Systems University of Wisconsin- Madison
  • 8. Most farmers have off-farm income; Most small-scale operators depend on it 際際滷 from John Hendrickson, Outreach Program Manager, Center for Integrated Agricultural Systems, University of Wisconsin- Madison
  • 9. Craig Chase work 2012 mixed veg CSA farm Number of shares per acre: 50 Gross income/acre: $17,500/acre ($350*50 shares) FTE/acre: 遜 - 他 person Labor as a percentage of production costs: 65- 75% Net income ratio: 35% ($6,125/acre at $17,500 gross) https://www.extension.iastate.edu/agdm/wholefarm/ html/c3-65.html FTE/Ac includes owner labor but not overhead/management labor Net Income is whats left to cover owner salary, and capital improvements
  • 10. Craig Chase work-mixed veg non CSA Gross income per acre: Direct to consumer sales (organically certified) - $20,000 - $22,000 Direct to consumer sales (non-organically certified) - $16,000 - $18,000 Institutional sales (food cooperatives, restaurants) - $12,000 - $14,000 Institutional sales (universities, hospitals, care centers) - $10,000 - $12,000 Institutional sales (mainstream grocers, K-12 schools) - $8,000 - $10,000 Wholesale sales (via a food broker) $6,000 - $8,000 https://www.extension.iastate.edu/agd m/wholefarm/html/c3-65.html FTE/Ac includes owner labor but not overhead/management labor Net Income is whats left to cover owner salary, and capital improvements FTE/acre: 遜 他 person Labor as a percentage of production costs: 65-75% Net income ratio: 35%
  • 11. Craig Chase work - 2012 Gross/acre FTE/Ac Labor as % of production cost Net income ratio CSA Model Farm $17,500 遜 - 他 65-75% 35% ($6125/ac) Non-CSA Farm $6-22,000 遜 - 3/4 65-75% 35% ($2100-7700) FTE/Ac includes owner labor but not overhead/management labor Net Income is whats left to cover owner salary, and capital improvements
  • 12. Data from UW Study of 23 Vegetable & Market Farms In Wisconsin - 2005 These farms all grow multiple vegetables and sell in multiple channels. Benchmarking With Other Farms
  • 13. Farm Size <3 acres 3 to 12 acres >12 acres Average Gross Sales per Acre by farm size $15,600 $11,120 $10,810 Range $9,000 $28,000 $7,060 $15,260 $6,710 $16,690 UW Study of Small Vegetable & Market Farms In Wisconsin Gross Sales per Acre Variability!
  • 14. Farm Size <3 acres 3 to 12 acres >12 acres Average Labor hours per Acre by farm size 1,957 850 554 Range 592 3,021 349 1,870 166 729 Average FTE per acre 0.3 1.5 0.2 0.9 0.1 0.4 UW Study of Small Vegetable & Market Farms In Wisconsin Average Labor hours per Acre Variability! FTE = Full Time Equivalent (2000 hours/year)
  • 15. Farm Size <3 acres 3 to 12 acres >12 acres Net Income per Acre- (no owner pay yet) $5,664 $4,679 $3,757 Range $-1,886 $17,269 $466 $9,792 $779 $10,120 UW Study of Small Vegetable & Market Farms In Wisconsin Net Income per Acre Variability!
  • 17. The CSA Benchmark Collaborative How Well is My Operation Really Doing? Gary Matteson Erin Pirro The Farm Credit Council 2012
  • 18. Five-Line Income Statement Create a Five-Line Income Statement to turn a bunch of numbers into a snapshot of your business performance. This is part of your One-Page Business Plan! www.foodshedguide.org Gross Sales Less COGS Equals Gross $1.00 - .58 .42 .28 .14 Margin Less Overhead Equals Net Margin - The Farm Credit Council .55 .45 .30 .15 PVF
  • 20. What are the possible reasons for lower gross sales numbers? The Benchmark says gross sales should be $18-20,000 per acre You are grossing $10,000 Now What?
  • 21. Unpeeling the Onion or Asking the 5 Whys? YIELD PROBLEM? COST PROBLEM? PRICE PROBLEM? MARKET PROBLEM?
  • 23. Yield Benchmarking Conventional Ag: Knotts Vegetable Guide University Crop Budgets Smaller Scale Sustainable Ag: Roxbury Farm Harvest Guide Wiswalls book (20 crops) The Market Gardener
  • 24. FIELD TOMATOES Wiswalls Book The Organic Farmers Business Handbook
  • 26. Other Yield Benchmark Ideas Your own data from the past Your Extension Agents eye Your Neighbors Eye What other Farms Look Like Hint hint go visit other farms!
  • 27. Unpeeling the Onion or Asking the 5 Whys? YIELD PROBLEM? COST PROBLEM? PRICE PROBLEM? MARKET PROBLEM?
  • 28. Cost Problem Possible Solutions = 1. Use smaller holes in the plastic 2. Weed sooner 3. Overall farm weed management improvement 4. Dont Grow Onions!
  • 29. Cost Problem? Possible Solutions = 1. Improve this wash station with better plumbing, room for 2 folks to work 2. Build another wash station 3. Get Root washer 4. Dont grow things that need washing
  • 31. Cost, Yield, and Labor Benchmarks Beets, bunching - Yield = bunch per foot at 7200 bunches to the acre - Value = $1.50 per bunch at $10,800 per acre. Remainder is harvested for beets without tops at a value of another $4,000 Standards: - Harvesting: 30-40 bunches per hour per person depending on quality of the leaves @ approximately 200-250 hrs per acre in cutting plus loading and unloading boxes from and to washing area Washing: 100 bunches per hour From Roxbury Farm Harvest Guide
  • 32. Unpeeling the Onion or Asking the 5 Whys? YIELD PROBLEM? COST PROBLEM? PRICE PROBLEM? MARKET PROBLEM?
  • 34. Other Price Benchmarks are you really looking? Conventional stores Specialty grocery stores CSAs look online Farmers Market Prices Remember to compare apples to apples!
  • 35. Benchmarking Price Increase lettuce and chard prices by 25 50 cents (based on prices seen at Whole Foods and FM) Price purchased produce comparable to other roadside stands in the area
  • 36. Increase Price: A little change in price can make a big difference. Cost of production Price Gross profit per bunch Gross profit per 100 bunches Percent increase in profitability $1.00 $1.50 $0.50 $50.00 0 $1.00 $1.75 $0.75 $75.00 50% $1.00 $2.00 $1.00 $100.00 100% Bunched Chard, or Parsley or
  • 37. Unpeeling the Onion or Asking the 5 Whys? YIELD PROBLEM? COST PROBLEM? PRICE PROBLEM? MARKET PROBLEM?
  • 40. Unpeeling the Onion or Asking the 5 Whys? YIELD PROBLEM? COST PROBLEM? PRICE PROBLEM? MARKET PROBLEM?
  • 41. Unpeeling an onion One Example Now What? The Farm Credit Council Your labor cost as a % of sales is 45%, That is higher than the benchmark of 33-35%
  • 42. What are possible reasons for high labor cost (as a percent of sales)?
  • 43. Problem = High Labor $/acre Possibility #1 cost per worker equivalent: Now Spending $30,000 ($15/hour) on a full-time equivalent the benchmark is $30,500 Conclusion: Were spending an average amount per worker Benchmark data from Farm Credit East Ag Retail Benchmarking Group
  • 44. Problem = High Labor $/acre Possibility #2, hours worked per acre: Now putting 345 labor hours in per acre the benchmark is 350 Conclusion: Our farm is about average efficiency-wise Benchmark data from Farm Credit East Ag Retail Benchmarking Group
  • 45. Problem = High Labor $/acre Possibility #3 sales per worker equivalent: Now workers generate $50,000 of income per full-time equivalent; the benchmark is $75,000, Conclusion: Were not grossing enough Benchmark data from Farm Credit East Ag Retail Benchmarking Group
  • 46. What are possible reasons for < $75,000 in sales per Full time equivalent worker?
  • 47. Possible reasons for < $75,000 in sales per Full time equivalent worker? Yield problem? = not enough to sell Sales problem? = not selling what you grow Price problem? = selling it all, there is plenty, but the price is too low
  • 48. Remedies for Were not Selling Enough? Increase Yield Boost sales efficiencies Add value Change product mix Train staff Increase prices
  • 49. Five-Line Income Statement This is part of your One-Page Business Plan! www.foodshedguide.org Gross Sales Less COGS Equals Gross $1.00 - .58 .42 .28 .14 Margin Less Overhead Equals Net Margin - The Farm Credit Council .43 .57 .33 .10 PVF Overhead Benchmark Problem?
  • 50. Infrastructure Cost Problem? Make sure I can afford big infrastructure improvements and that they help me with profits
  • 51. CSA Farm Ratios from 6 farms in Wisconsin and Minnesota, 2012 Farm A Farm B Farm C Farm D Farm E Farm F PVF Net to Gross 48% 36% 39% 27% 37% 33% 36% Veg. Acres 6 4 7 3.5 3 4 20 Gross per Acre $24,081 $46,237 $19,271 $19,954 $33,000 $10,323 $22,000 Net per Acre $11,574 $16,578 $7,568 $5,426 $19,500 $3,358 $7900 Assets per Acre $23,667 $37,221 $17,431 $44,286 $16,667 $13,000 $40,000 Assets to Gross 1.0 0.8 0.9 2.2 0.3 1.3 1.8 Assets to Net 2.0 2.2 2.3 8.2 0.9 3.9 5.0 際際滷 from John Hendrickson, Outreach Program Manager,Center for Integrated Agricultural Systems University of Wisconsin-Madison
  • 52. How do you compare? And does it even matter?
  • 53. Lets Grow Better, Together Ellen Polishuk Ellen@planttoprofit.com
  • 54. Reaching for Profits: Using Benchmarks to Make Adjustments What are the benchmarks you look at to measure success on the farm? How do you assess the overall market and gauge what your peers are doing whether its at the farmers market, on their farm stand, or in their marketing materials? We don't farm in a vacuum competition for markets, for price, and for labor is fierce. In order to make a profit, it pays to learn from others examples. Ellen Polishuk will share strategies for assessing and refining your systems. Ellen Polishuk, farm consultant (MD)

Editor's Notes

  1. 2010 My salary + retirement + ins + 10K depreciation =$70,000 + 26K profit = 96,000 net cash income + + = 35k + 10k dep = 45,000 + 26k profit = 71,000 net cash income So, what does this show? Huge sales per acre Lots of hours per acre, and that actually tracking them is different than swagging Net cash income is great, mostly because we have excellent production and excellent pricing
  2. 2010 My salary + retirement + ins + 10K depreciation =$70,000 + 26K profit = 96,000 net cash income + + = 35k + 10k dep = 45,000 + 26k profit = 71,000 net cash income So, what does this show? Huge sales per acre Lots of hours per acre, and that actually tracking them is different than swagging Net cash income is great, mostly because we have excellent production and excellent pricing
  3. 2010 My salary + retirement + ins + 10K depreciation =$70,000 + 26K profit = 96,000 net cash income + + = 35k + 10k dep = 45,000 + 26k profit = 71,000 net cash income So, what does this show? Huge sales per acre Lots of hours per acre, and that actually tracking them is different than swagging Net cash income is great, mostly because we have excellent production and excellent pricing
  4. Im including my and S/C salaries as part of overhead. Which I suspect the benchmark does not
  5. Im including my and S/C salaries as part of overhead. Which I suspect the benchmark does not