With agriculture in Western Australia currently enjoying a welcome injection of youth, an upcoming financial skills workshop has been specifically designed to provide next generation farmers with the financial management skills essential to managing a family farm.
The practical Financial Skills Workshop will be held virtually this month, ensuring WA 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.
Free of charge, the online workshops will focus on practical financial skills such as gross margin analysis, cash flow budgeting and interpreting financial statements.
The workshops will consist of two (two-hour sessions) run over consecutive days, with a choice of three commencing on Tuesday, September 29 and the final offered beginning Thursday, October 1.
Rabobank Western Australia Regional RaboClientCouncil member Veronica Davies, from "Tandara", Coorow, said she hoped the "next generation" walked away from the workshops feeling positive and inspired to grow their business in the future.
"We are fortunate to have so many young ones returning to the farm in Western Australia, and this course will give them a really comprehensive overview of how to run the farm from a business point of view," she said.
In light of COVID-19, she said, the previously planned face-to-face workshops had unfortunately been cancelled, however this new, virtual format would be just as effective and engaging.
Rabobank head of relationship management, WA, Phil Edkins 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 Edkins said, "and then interpreting the financial ratios to make calculated business decisions.
"This then feeds into sessions on how banks assess a loan and the importance of developing a business plan as well as managing the business through adversity and positioning the business when the season improves."
Mr Edkins 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."
Director of Hudson Facilitation, Tony Hudson will present the workshops.
Funded by RaboClient Councils, the workshops are open to clients and non-clients of Rabobank and there is no cost for farmers to attend.
Registrations close Friday September 18, 2020.
Workshop Details are as follows:
Workshop One Workshop Two
Tuesday 29 September – 9am to 11am Tuesday 29 September – 3pm to 5pm
Wednesday 30 September – 9am to 11am Wednesday 30 September – 3pm to 5pm
Workshop Three
Thursday 1 October – 9am to 11am
Friday 2 October – 9 am to 11am
