A NEW £2.15 million initiative to help beef and sheep farmers identify improvements to their businesses and prepare for Brexit has got underway.

The Red Meat Benchmarking project, supported through the Welsh Government’s EU Transition Fund, will support 2,000 farmers to better understand the technical and financial performance of their business and ensure their competitiveness in a changing market.

The project is managed by Hybu Cig Cymru, enabling farmers to input their business data from last week's start date.

The project will remain open for two months, closing on December 10.

Eligible producers across Wales are being encouraged to participate on a first-come first-served basis by completing the online questionnaire on the financial and physical performance of their business from the 2016-7 or 2017-8 financial years.

In return, participating farmers will receive a bespoke assessment of their business and productivity which will include anonymous comparisons with similar businesses within the sector.

Participating farmers will also receive a compensatory payment of £1,000 for the time and effort of taking part.

Cabinet Secretary for Energy, Planning and Rural Affairs Lesley Griffiths AM said: “It is now less than six months before the UK leaves the European Union and the prospect of a no deal looms large.

"The need to prepare for a post-Brexit world has never been more essential.

“As a Government, we have always said we will do all we can to support our agricultural sector to help them prepare and adapt to the challenges and opportunities Brexit presents.

"Earlier this year, I announced a £2.15 million new red meat benchmarking project to help beef and sheep farmers do just that.

“Building on the successful work of our dairy conditional project, the system will support two thousand beef and sheep farmers benchmark their financial and technical performance and identify areas of their business which could be improved.

“Beef and sheep farmers can input their data and in return receive a bespoke assessment report on their business.

"This system will remain open for two months and I urge all eligible producers to find out more and take part in the project."

The minister added: “This is crucial investment for the sector at this difficult and challenging time.

"It will enable beef and sheep farmers to maintain their competitiveness in changing markets, maximise any emerging opportunities and ensure they are able to thrive in a post-Brexit world.”

Hybu Cig Cymru’s industry development manager John Richards said: “This is a red meat producer’s opportunity to step back, assess the financial status of their business and take a really good look at how it’s performing.

"With Brexit just around the corner, it is crucially important that our businesses are financially fit.

"Now’s the time for our sector to raise its game and contribute towards the bigger picture.

“There will be direct benefits for farmers who take time to participate in the project; they will be equipped with knowledge and information to make informed changes to their businesses, leading to improved productivity and efficiency.

"This could result in more confident and competitive businesses in the future.”

Participants will need to register their business with Farming Connect in order to access the system to start the benchmarking project.

Only one application per farming business is permitted and data submitted must be from the 2016-17 or 2017-18 financial years.

Participants must have a minimum of 235 breeding ewes or 25 beef breeding cattle, or a combination of both.

NFU Cymru has welcomed the launch of the Red Meat Benchmarking Project, which hopes to drive farm data performance in Wales.

NFU Cymru livestock board chairman Wyn Evans said: “NFU Cymru welcomes the announcement of this red meat benchmarking scheme and the union is encouraging farmers across Wales to participate in the programme.

"NFU Cymru has been assured that all data supplied as part of the project will be totally confidential and anonymous.

“As we approach Brexit and with market competition looking set to increase, collecting accurate data will play an increasingly important role in the success of farming businesses across Wales.

"With £1,000 compensation available to farmers participating in the scheme, we believe this programme holds numerous benefits for those taking part, not least the individual benchmarking report that will help increase farmers’ understanding of the financial and technical performance of their business.”

An FUW spokesperson said: “Analysing business performance and utilising data is important to any business, and this is especially the case given what Brexit might mean for businesses.

"We have therefore trained 24 members of staff to give our full support to the scheme but are at this stage concerned about the up-take.”