With agriculture across the region currently enjoying a welcome injection of youth, an upcoming workshop has been specifically designed to provide next generation farmers with the financial skills essential to managing a family farm.
The practical Financial Skills Workshop, previously delivered face-to-face, will now be held virtually, ensuring producers still have an opportunity to upskill and network, despite COVID-19 restrictions.
The initiative has been spearheaded by food and agribusiness banking specialist Rabobank's RaboClientCouncil – a group of the bank's farming clients who volunteer their time implementing programs that contribute to the sustainability of rural communities.
Offered free of charge to participants, the introductory, interactive virtual workshop provides practical, hands-on advice for understanding financial statements and banking requirements, and explores topics such as taxation verse management accounting, essential business management ratios and understanding key components of a business's financial profile.
Rabobank central NSW regional RaboClientCouncil chair Alistair Yencken, "Braemar", Manilla said he hoped the "next generation" felt positive and inspired from the learnings presented at the workshop to help them grow their business in the future.
"This course will give all participants a really comprehensive overview of how to run the farm from a business point of view," he said.
In light of COVID-19, he said, the previously planned face-to-face workshops had unfortunately been cancelled, however this new, virtual format would be just as effective and engaging.
"Agriculture has moved well beyond the farm gate and it's imperative to understand the financial basics if we want to keep up globally," he said.
Mr Yencken said the program content would also help put young farmers in the driver's seat when talking to their financial advisers.
"Having a greater understanding of your business when approaching your financier really helps when applying for any additional finance requirements or to fund a new venture," he said. "And this kind of information is real and valuable, as it is something you can walk away with from this program and use in the business."
Rabobank regional manager Toby Mendl said the workshop content had been tailored to farming businesses in the region through realistic case studies.
"Through these case studies, the sessions will look at what makes up a balance sheet, profit and loss statement and cash flow," Mr Mendl said, "and then interpreting the financial ratios to make calculated business decisions.
"This then feeds into sessions on how banks assess a loan application and the importance of developing a business plan, as well as managing the business through adversity and positioning the business when the season improves."
Director of Hudson Facilitation, Tony Hudson will present the workshop, which runs over two consecutive mornings.
Funded by RaboClientCouncils, the workshop is not restricted to the bank's clients and there is no cost for farmers to attend.
To register visit https://www.rabobank.com.au/about-rabobank/client-councils/
Workshop details are as follows:
Workshop 9
Monday, 26 October 2020, 9am to 11am
Tuesday, 27 October 2020, 9am to 11am
Workshop 10
Monday, 23 November 2020, 9am to 11am
Tuesday, 24 November 2020, 9am to 11am
