• To make farm financial benchmarking opportunities publicly available to producers by maintaining and expanding the national FINBIN farm financial benchmarking database. 

• To improve the profitability and competitiveness of NM producers by expanding the national FINBIN farm financial benchmarking database to the state; allowing producers to evaluate their businesses strengths and weaknesses relative to similar operations.

• To improve the opportunities for producers to manage today’s risk and volatility through increased attention to financial strengths and weaknesses, including an understanding of how their costs of production compare to groups of similar operations.

• Develop a first-in-the-country protocol for allowing anonymous participation through farm accountants. This is particularly important for mid-sized and larger operators. Ideally, this will help to increase the utilization of managerial accounting services.

• To work with producer associations to expand awareness and utilization of the farm financial benchmarking tools created through this program and improve the farm management skills of producers.

• To advance data gathering and expand the applicability of NMSU research by basing reccomendations on more accurate farm financial data. 

• Provide specialized training to meet the needs of small and beginning producers.

Populating the USDA FINBIN Database with accurate information about the costs and returns of agricultural production in New Mexico and reaching a sufficient threshold of participating farmers and ranchers will enable financial benchmarking services for New Mexico producers.  Ideally, this approach we are using will also encourage New Mexico farmers and ranchers to make better use of managerial accounting services.

This page was last updated 8/28/2024.