FREQUENTLY ASKED QUESTIONS
Overview of Dairy Business of the Year (DBOY)
Why should I enter, and what is the value to me and my business?
Your DBOY analysis provides a clear and quantitative appraisal of your business and enables you to make informed decisions about your business direction. The detailed report highlights both strong and weak points in your business, allowing you to confidently focus your resources on those areas that can drive improvements in profitability, business resilience, human resources, and environmental practices.
The DBOY analysis and benchmarking provides you with evidence-based farming and a robust database to assist with meeting the challenges of payout fluctuations, climate extremes and evolving environmental farm management regulations. Whether you have a successful dairy business, are looking to make improvements or just starting out, there are significant advantages to being involved with DBOY.
Does it matter what business entity we have?
What is DBOY?
DBOY provides an independent and comprehensive farm analysis, which assesses and measures those key business performance drivers within your dairy enterprise during the last full financial year. Your farm performance is then benchmarked against other dairy businesses within your region. The analysis measures and defines the financial/physical, people management and environmental practices, which is considered the triple bottom line to sustainable and profitable dairy farming. Profitability is vital to a resilient dairy business, which is why the primary focus of DBOY is based on profit. However, your dairy enterprise business not only needs to be profitable; engaging sustainable farming practices and good people management assists the business to be more robust during periods of milk price volatility and climatic challenges.
As an addition to providing a business report to all entrants, the top performers in each region are selected based on DBOY's triple bottom line assessment process. These top performing businesses are then showcased to generate and stimulate discussion amongst the dairy farming fraternity, while simultaneously creating an opportunity for other farmers to improve their own farming enterprises. Learning opportunities come from both benchmarked and publicly shared Key Performance Indicators (KPIs), which are generated from the DBOY analysis, coupled with the opportunity to attend one of the regional public Regional Optimisation Field Days, where the regional winners showcase and share their farming performance and business philosophies.
What is in the DBOY report, and how do I decipher my business performance against my peers?
The report summarises your entire business, delivering you an analysis on each of your financial, environmental and human resources sectors. The results are presented in a variety of formats – written, graphical, tabulated and scorecards. Results from all entrants are collated to create a range, and then your results are evaluated to assess your business performance across the spectrum.
What does the Environmental Analysis include?
What does the Human Resources (HR) Analysis include?
How rigorous is the Financial Analysis?
Does DBOY discriminate against farm systems?
Absolutely not. DBOY's focus is to recognise and acknowledge business excellence, regardless of the farm system that is being utilised.
How do I enter?
Entering DBOY is straight-forward. There are online forms, alternatively an entry pack is available (containing three forms) for completion, which should take 30-45 minutes, depending on how well your records are kept. The DBOY entry pack can be downloaded and printed from the DBOY website and filled in by hand, or directly into Excel online. We offer phone support during office hours to help you complete your forms if required. Entry packs can also be sourced from our team.
There are three forms and steps which include;
Step 1 - People Management form:
Step 2 - Environmental Management form: detailing fertiliser, forage crops, effluent and environmental protections in place e.g. fencing, planting.
Step 3 - Financial Data Forms: used to capture your physical data that is then matched with your financials. This includes specific feed data, grazing management, land details, staffing and herd details.
We also require authority to access the following (the entrant completes a simple authority form);
- The farm business financial accounts (additional cash manager optional).
- Milk production details – shares, final milk price, total milk production details.
Please click below to be redirected to the Entry Registration page, or contact your farm advisor.
Is my information safe?
What can I expect once I have completed the entry form?
Does the entry process require a farm visit or an interview?
How is DBOY judged?
DBOY is judged by the following criteria:
70% Profit (50% Return on Capital & 20% Operating Profit Margin)
15% Environmental Score
15% Human Resources Score
A shortlist is selected based on the above score criteria; these are then audited to produce a list of finalists which is presented to our independent judges, who are responsible for selecting the regional winners, systems input winners and overall winner. No8HR judges the Best People Management Award, and Headlands the Best Environmental Performance Award.
Should I enter even if I know I am not likely to win?
Definitely, the greatest value is in the reports that DBOY provide to every entrant. It is frequently the farmers who have more capacity to optimise their farm system that gain the utmost value from the reports.
What do I receive if I win?
- Up to Eight Regional Awards
- Three Farm Systems Awards based on Financial Performance (Low/Med/High Input)
- Finalist with the Best People Performance & Leadership
- Finalist with the Lowest Environmental Impact
All Finalists receive free attendance to the Awards event. The following day there is an exclusive finalist workshop (LOD), where the finalists share strategies and have the opportunity to make further improvements to their own business through the sharing of ideas. DBOY will facilitate workshops and discussions on financial, environmental and people management to understand how others have achieved their results, and to hear from the professionals in these areas. This is also an opportunity to dive deeper into the reports by asking questions of the specialists, report writers and your peers. Previous finalists have said this is one of the most valuable opportunities and a real highlight for them.
What are my commitments if I win an award?
What else does DBOY offer?
During October and November multiple Regional Optimisation Field Days are held on the farms of selected award-winning DBOY entrants throughout New Zealand. These Field Days are free and open to the public, where those attending can gain a better understanding of what it takes to achieve an award-winning, profitable, resilient and sustainable dairy agribusiness.