Protecting the bottom line was the centre of deputy general manager at FDC, Barry Murphy's, discussion at the Irish Grassland Association Dairy Conference 2020.

Murphy says confidence is a fundamental quality in any successful business he has come across over the years. "You must believe in your industry," he said.

Most businesses or farms will review two key areas at the end of each year. These two areas are; looking at increasing income and reducing costs.

Murphy also says farmers need to consider many more issues such as the end goal, what they hope to achieve and what they hope to get from the farming enterprise?

Choosing to focus on improving the efficiency of your operation inside the gate is where you can have the biggest impact

After this it is a case of turning these goals into informed decisions regarding farm investments and farm budgets across the coming year.

To protect the bottom line you must also focus on what’s inside the gate and stop worrying about what outside it.

He said: "Outside-the-gate issues like milk price will affect us dairy farmers, but choosing to focus on improving the efficiency of your operation inside the gate is where you can have the biggest impact on your business."

Murphy also made the point that investing in yourself by upskilling is always a worthwhile investment.

"There has been a huge focus on keeping costs down on farms over the last number of years, but as sustainability is becoming more important we have to accept that fixed costs will increase but appropriate capital input should help improve the long term bottom line," he said.