I have to say it Andrew. Your channel is literally the fastest clicked on my timeline and I only have like a minuscule amount of background in farming. Really love the videos and the insight as well. Can’t imagine it’s an easy feat to do every week so I just want to show my appreciation. Best wishes from galway
@FarmTheoryNI
Ай бұрын
Honestly, thank you very much! It was a lot of work but the support of people makes it more than worth it! 🫡
@debeelee6415
Күн бұрын
Such an interesting video! My boyfriend farms beef and sheep at home, and he's been slowly expanding the farm so he can be full-time. I am going to help him create cashflows like this, so he can better plan future growth. Thanks so much for the inspiration. Would be highly interested in more financial videos like this.
@jamescochrane9877
28 күн бұрын
Great video. Cashflow is so important to track. I started it 18 months ago for our household spending and it made a massive difference to our life, cutting out pointless spending and reducing bills.
@tdolan500
Ай бұрын
Love the transparency, it’s what is needed. I don’t think any other industry operates with a CIA level of secrecy like farming. Machinery in particular is wild, it’s infuriating looking at pages and pages of online advertisements with POA.
@galwayvintagecollection3401
Ай бұрын
Agreed 👍. I avoid all poa , 12345, 1, and all free ads. Dealers lose so much business from me because of this. 30 yrs self employed abroad educates you so much. Price isn't everything.
@FarmTheoryNI
Ай бұрын
Farming really is way too secretive!! I agree with machinery dealers doing POA also, they just want to try and screw someone over!
@tdolan500
Ай бұрын
@@FarmTheoryNI Yep, give them carte blanche to add crazy dealer mark ups which they can discount to seem like they are doing you a favour. It’s anti competitive. Someone should make a website like car wow for machines so the dealers have to fight for their sale like it’s a tender.
@yupaye4471
Ай бұрын
Great to see another very open and honest video. Seldom see that nowadays.
@FarmTheoryNI
Ай бұрын
A lot of the same, I want to try and do something different!
@derekfoster-d1r
Ай бұрын
There's not another business that I know off that who buys a product of you and tells you what they are going to pay you(milk), I think you should do a video on that some time....
@FarmTheoryNI
Ай бұрын
I know it would make a good video but I don't have any way to change that, I will have a think!
@richardweatherald7745
Ай бұрын
I’m not surprised by that prediction, input costs outstripping milk price, it needs a 5 on the front of it
@secondchance4498
Ай бұрын
Management is terrible in farming (not all). I didn't come from a farming background and was shocked how much money is wasted. As a young lad new to farming I was able to save thousands by switching suppliers, only to be told that, "we have been buying from that family for many years now" and should continue too. I couldn't beleive it. Keep getting over changed by the guy in the next village as that is what grandad used to do.... Eventually the farmer gave in, I was able to take over and we were thousands better off. It shouldn't have been a battle though. Enough annoyance of mine is spending more on tractors/machinery etc because dad and grandad have always bought red/green/blue. Rant over 😊
@FarmTheoryNI
Ай бұрын
Loyalty gets you nothing! Farmers need to price between suppliers much more!
@stephenkelly2067
Ай бұрын
Admire your honesty and openness
@FarmTheoryNI
Ай бұрын
The support helps! 🤣 I was a bit nervous about this one!
@stephenkelly2067
Ай бұрын
@FarmTheoryNI great think for others to see how u operate and plants ideas in others heads should they copy or adapt to suit themselves
@bryanpaul9542
Ай бұрын
Good to see someone talking about important issues in farming. Keep it up
@FarmTheoryNI
Ай бұрын
Thanks, will do!
@johnloughlin8232
Ай бұрын
Good video Andrew. Good to see you’re not following the same trend of being terrified of the neighbours knowing something about your business. I think at times like you guys are having in agriculture in the UK and Ireland the sharing of ideas and a higher level of focus on the actual performance of the business has never been more important. Hard to see how anyone who isn’t crunching the numbers regularly will survive now that the single farm payment has gone. Keep up the good work
@FarmTheoryNI
Ай бұрын
Thank you! My experience when I was younger was that the good farmers wouldn't share anything, they just wanted to keep the information to themselves!
@shalvanstown
Ай бұрын
Good work Andrew, I'm sure there are plenty of wives/partners who would like to be part of this process of understanding the financial realities and share the burden and stress it contains. Openness can save lives.
@FarmTheoryNI
Ай бұрын
Understanding your business reduces the stress massively in my experience!
@jackthewisedog5171
Ай бұрын
Excellent. Not many people want to talk about this and it is not profit as you say it is how you bank balance will vary throught the year based on the bills and cheques. It also lets outsiders see the decisions a farmer has to make. Do you take the money out ? do you invest it into something like drangae, new equipment or livestock . . all of which will affect the following year facinating
@tristangibbs2351
Ай бұрын
I really enjoy your channel. Having just sold my milking cows it’s a bit more challenging than I thought getting out of the routine of milking
@FarmTheoryNI
Ай бұрын
Thank you! I'm sure you miss the routine of achieving something every day!
@peterdavidson5289
Ай бұрын
If i may,why did you sell all your cows?not enough profit in it?
@gavinwinters17
Ай бұрын
Time spent in the office is one of the best uses of time on the farm. Been doing cash flows now for the past 5 years. Would recommend that all farmers spend time on them.
@FarmTheoryNI
Ай бұрын
Absolutely agree!
@johnthomson2082
Ай бұрын
Fantastic video, thank you for your willingness to share, I wish there was more like you in the industry.
@RobertPhilpott-vr6wd
Ай бұрын
Such a great video...talking about money seems such a taboo in farming circles...
@FarmTheoryNI
Ай бұрын
It definitely is, however I just make videos about what I want. 😅
@andrewlindsay5075
Ай бұрын
Farming makes no business sense to me I think most farmers have there head in sand and need to be honest that's 90 percent our not making any money just treading water
@vxnova1
Ай бұрын
Imagine starting now, buying land, equipment, animals etc, how much money needed and what the ROI on that money is,
@andrewlindsay5075
Ай бұрын
@vxnova1 the figures don't make sense even with the farm standing you zero that's what they miss
@FarmTheoryNI
Ай бұрын
It's a terrible return on investment
@moneyprofessional
Ай бұрын
100%, if you own a farm, you'd make way more money just selling it, investing the money and doing a simple 9-5 job if you even needed the money! But the life style is what keeps farmers going as once you're out of it, you'll never get back in.
@johnsweeney1712
Ай бұрын
Great video. Farming is a business whether people admit that to themselves or not… I’m not a farmer but come from a farming background and worked on farms… I had no land to get from previous generations and certainly couldn’t buy a farm. As a PAYE worker I can relate to your bank account ups and downs, January is always a dreaded month… most of the others aren’t wonderful either. Keep up the good work.
@tonymckeage1028
Ай бұрын
Great Video, as a Bank manager looking after farmers for 25 years I agree with you 100% Thanks for sharing
@FarmTheoryNI
Ай бұрын
Thanks for watching!
@liamturner9311
Ай бұрын
If you could and were happy to make a template available that would be handy a good tool for many to use.
@FarmTheoryNI
Ай бұрын
I will do!
@WLT-lj3bw
Ай бұрын
At last honesty of reality in farming, as expected from FarmTheory. Along with the summer memory of the wellie boot slap on bare legs. Brilliantly presented cash flow analysis. Really enlightening and we see how supermarkets rip the industry off. Your accountant must cower in your presence. Ps Was it lab based or was it studio based?
@FarmTheoryNI
Ай бұрын
Thanks! I don't understand the last bit. 😅 I think I recorded it in both the lab and the studio. 🤣
@martinhealy3741
Ай бұрын
Information is power. As Jan is a lean month, perhaps a rebalance on payment on some of the lager bills
@FarmTheoryNI
Ай бұрын
The biggest issue for Jan is the combination of an uncertain winter milk price and an uncertain tax bill, both them variables will be clear in a month or two and allow better planning.
@gabrielgannon3584
Ай бұрын
Another very informative video Andrew. Great channel keep up the super work.
@FarmTheoryNI
Ай бұрын
Thank you! Appreciate it!!
@djs356
Ай бұрын
Excellent video , i was just saying to someone the other day if we went on dragons den with a buisness idea of farming and showed the profit/loss they would kill themselves laughing at such a stupid buisness idea
@RobertPhilpott-vr6wd
Ай бұрын
My wife worked outside of farming , as a product designer....when they would work on a new product and take it to the likes of argos...if argos couldn't get a 50% profit margin out of it, it would be shelved!
@djs356
Ай бұрын
@RobertPhilpott-vr6wd That's how we should operate
@FarmTheoryNI
Ай бұрын
I 100% agree, farming is such a rediculous business model. 🤣
@nathanruddll6715
Ай бұрын
very interesting video. I have learn a hole lot from that will have to give it a go on are own farm.keep up the great videos
@FarmTheoryNI
Ай бұрын
Will do! 🫡
@paulthompson8467
Ай бұрын
Interesting video we have beef cattle and sheep on a small scale and im very grateful to have a full time job as our accounts can be depressing to say the least and with the reduction in farm payments i can't see it improving especially with lamb prices collapsing and beef being the gamble that it is 🤔
@andrewmcclintock4468
Ай бұрын
Excellent content 👍
@jonathanwaugh5216
Ай бұрын
Good video. Very honest
@gerrymulligan2602
Ай бұрын
Good man himself really.enjoy.watching video least honest
@conor-breathnach
Ай бұрын
Another very interesting video 👍🏻
@alexnicholas2371
Ай бұрын
Something we should all definitely do more of (we literally just wing it every year) is there a template on excel that you can download or have you made that yourself
@FarmTheoryNI
Ай бұрын
I made this one, I should put it online for people
@geraldbeard856
Ай бұрын
i watch tom pemberton a bit and he will openly say that income from his youtube is paying for all his improvements on his farm also olly bloggs has just purchased 2 new Fendts and quadtrac and he says ah youtube is paying for this........the reality is farming doesn't pay and i admire you for trying to do everything right and doing cash flows and profit and loss yet it's the things we can't control mainly the weather that makes the most difference to our profit or loss situation
@FarmTheoryNI
Ай бұрын
You can make money farming, it's just very difficult. Easier to make money on KZitem. 🤣
@padraigking5185
Ай бұрын
Good stuff
@moneyprofessional
Ай бұрын
Fantastic stuff again, fair play for sharing financial stuff like this. There is a young Iowa farmer called Cole the Cornstar who has done similar business side of farming videos sharing his accounts and kind of reminds me of some of your videos, although Iowa corn farming is a lot different to Irish Dairy!
@FarmTheoryNI
Ай бұрын
He was a big part of why I done this! 😅 I like his videos back in the day!
@SeanFay-u8k
Ай бұрын
Class video Andrew, really interesting 👍Would you know of any good templates to download for a cash flow spreadsheet?
@FarmTheoryNI
Ай бұрын
I need to upload the one I use.
@mikeysky8917
Ай бұрын
I see I am not the only one getting shafted by the NFU for insurance. Utter disgrace. It’s also very difficult to budget for new machinery. I went this week to look at purchasing a new piece of kit and it has nearly doubled in price. Couldn’t believe it. No justification for it.
@henrymckay731
Ай бұрын
You really do need to have at least a seasonal budget plus one eye on a Tax bill at the end of the year,
@FarmTheoryNI
Ай бұрын
It helps alot!!
@vxnova1
Ай бұрын
Good show
@FarmTheoryNI
Ай бұрын
Thanks!
@alastairatcheson1407
Ай бұрын
Surprised how open you are with financial information. 👍. Would you happen to know what your electric is costing per litre of milk? I believe ours is 0.5ppl with having solar panels and (i think) 50kw of batteries in.
@FarmTheoryNI
Ай бұрын
It is 1.2ppl, 55% of that cost is heating water for the wash cycles.
@richardcorbett8431
Ай бұрын
Top man,
@DannyRice01
Ай бұрын
Andrew are you using power bi as well as sheets for your calculations? Love the breakdown excellent work
@FarmTheoryNI
Ай бұрын
Nope, just basic spreadsheets. The data is from my own software which is coded in python
@christopherscally9768
Ай бұрын
What's "the 12th?" Is it some sort of underground pagan festival? Or is it the 12th day of Christmas celebrated 5 months early? I'm sure it's not one of those obscure commemorations of a war that was won centuries ago. I mean, that'd be ridiculous, wouldn't it?
@FarmTheoryNI
Ай бұрын
It's a wonderful day of cultural celebration. 😅
@Andy-ix2ox
Ай бұрын
Ah lad , the shorts😮😮😂. Shorts aside an excellent video as usual.
@FarmTheoryNI
Ай бұрын
Glad you like them!
@tomflynn5745
Ай бұрын
Thanks for sharing. You might have said it but have you included all labour costs including your dad and yourself. I don’t want to know a figure just wondering if it’s included. Maybe you see your father not being profitable before you arrived home but I’d say he was doing fairly ok.
@FarmTheoryNI
Ай бұрын
Yep, what we take is included. 👍
@johnosullivan815
Ай бұрын
Hi Andrue what program are u using as I badly need something to work off of
@FarmTheoryNI
29 күн бұрын
It's my own software, I will get the cashflow template on the website soon. 👍
@jasondavies4887
Ай бұрын
How are you getting on with your kerneland mowers? I'm thinking of buying a kerneland plain mower.
@FarmTheoryNI
Ай бұрын
I really like them. The telescopic arm on the 3336 is brilliant
@jasondavies4887
Ай бұрын
@@FarmTheoryNI thanks for replying how do you find they cut with the round discs instead of oval discs. Have you had any issues?
@6thcence897
Ай бұрын
What you mean con acre to pay, do you use other software other than excel, I like the money/planning of the business and your reasoning (i dont always agree with you)👍video
@FarmTheoryNI
Ай бұрын
Rent for the land.
@philiptyndall4968
Ай бұрын
Start grass measuring and cut that meal usage 😉
@FarmTheoryNI
Ай бұрын
😅
@pjdee5879
Ай бұрын
The most frightening thing about your spreadsheet is the fact that you have an excellent computer between your ears, know your fertilizers, make great silage and resseed a lot. I wouldn't like to be of average IQ, making average silage on old leys with expensive ferts and milking average cows in an old parlour.
@FarmTheoryNI
Ай бұрын
Our farm was below average for profit per cow when I came home, it was almost impossible to invest
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