The Duntroon dairy farmers say they talked to sheep farming friends about how they handled that sector's downturns, and said the key message was to cut costs but continue applying fertiliser.
Mr Keeling said the key to their surviving the sudden drop in milk payout would be financial and pasture budgeting, and hands-on management of the business.
"The easiest way to get through this is to maximise production by increasing production or efficiency of production."
While the pressure has eased a little with Fonterra last month lifting its forecast milk price for the coming season to $5.10 kg of milk solids (kg/ms), Mrs Keeling said they intended remaining frugal with their spending.
In April they did a line-by-line financial budget based on a $4.50 kg/ms payout, which showed they would go close to breaking even, with farm working expenses reduced from close to $4 kg/ms to about $3 kg/ms this year.
"We broke everything down and looked at our cashflow month by month," she said.
"It wasn't a pretty picture, but it was a picture."
Some of the cost-cutting measures included not using the Rotavac pre-calving vaccine, which costs $6 a cow, making greater use of oral drenches for young stock, maintenance-only fertiliser and renegotiating the price and volume of feed barley, steps that would save them tens of thousands of dollars.
They have also utilised falling interest rates, with their average borrowing cost now less than 7% compared with 9% previously.
Mr Keeling said it was important to remain fair when renegotiating prices with suppliers such as cropping farmers as they also had to make money, and maintaining relationships was important.
His new barley price was higher than the current spot price, but both parties were satisfied with the new deal.
They have been able to utilise opportunities because Mr Keeling no longer works regularly in the dairy shed.
"You need to manage and drive your business and you can't do that from a pit," he said.
Mrs Keeling said some farm owners or managers had responded to the lower payout by working in their business rather than on their business, which could limit their focus.
"These things don't just happen. They have to be made to happen," she said.
Regular contact with their bank manager and accountant allowed them to take advantage of lower interest rates, while regular contact with fellow farmers gave them the comfort of knowing others were dealing with the same issues.
Along with scrutinising their expenses, the Keelings were fortunate that three years of investment and development, which took their herd from 800 to 1200 cows, would pay dividends this year.
Milk production was expected to increase from 400,000 kg/ms to 480,000kg/ms with one less labour unit and no increase in working expenses.
That development also included a second herringbone shed, the refurbishment of the main shed and more land.
"It's been go hard and charge," Mr Keeling said of the past three years.
Mr Keeling said the worst thing they could do would be to lock away their cheque book, especially if an investment would make money in the future.
The mating period, for example, was crucial, and Mr Keeling said they would use more nitrogen fertiliser and animal health products if the condition of their cows needed to be lifted.
The challenge for them was to achieve production of 400 to 450kg/ms a cow utilising an all-grass system, and to do that meant returning to the basics of pasture quality, pasture management and the number of days in milk.
"It's a return to basics, to getting the basics right," Mrs Keeling said.
Looking ahead, the Keelings intend managing the coming season as if the forecast payout was still $4.55 kg/ms, and any money left over will be used to retire debt.
Fact Box
> Geoff and Jan Keeling, Lundie Braes, Duntroon.
> 400ha milking platform, 50ha dryland.
> 285ha run off in two blocks.
> This season milking 1200 cows.
> Expected production this season 480,000kg/ms at 400kg/ms a cow.