Primary producers in the Longreach, Blackall and Emerald districts have the opportunity to expand their knowledge, free of charge, at a series of Rabo Client Council workshops designed to help provide the financial skills critical to managing an agricultural enterprise.
The practical Financial Skills Workshops – providing farmers with an opportunity to both upskill and network – will be held in early August.
The initiative has been spearheaded and funded by food and agribusiness banking specialist Rabobank's Rabo Client Council, a group of the bank's farming clients who volunteer their time implementing programs that contribute to the sustainability of rural and regional communities.
These complimentary, interactive workshops provide practical, hands-on guidance on understanding financial statements and banking requirements and explore topics such as taxation versus management accounting, essential business management ratios and understanding key components of a business's financial profile.
Rabobank Northern Queensland and Northern Territory Rabo Client Council member and Aramac-based beef producer Lee-Ann Boyd said "these workshops aim to provide key financial skills and tools to assist in the effective management of agricultural operations".
"And it's exciting to bring the workshops back to these communities," she said. "Producers who had attended previous Rabobank Financial Skills Workshops have told the bank the information provided is very valuable."
The workshops – which will be limited to 30 participants each and are not restricted to the bank's clients – will be delivered by director of Hudson Facilitation, Tony Hudson.
Ms Boyd said the workshops are designed to help close the gap between farming expertise and financial knowledge.
"And while many of our well-educated primary producers have extensive on-farm experience, understanding the intricacies of financial reporting and banking requirements can still be unfamiliar," she said.
Ms Boyd said the workshops will explore financial reports, "one of the most useful and underutilised reports for many farming businesses".
"Module One, presented at the Longreach and Emerald workshops, will help producers gain an understanding of how to read, interpret and use these reports for agricultural businesses," she said. "This module provides knowledge and insights for running and managing the day-to-day aspects of an agricultural operation from a financial perspective.
"In the second module, delivered in Blackall, we take an enterprise-focused approach – we will consider cash flow implications of a variety of enterprise choices. The module will also focus on preparing annual cash flow budgets. However, participating in the previous session is not a pre-requisite to attend."
Ms Boyd said the workshops are designed to allow couples and family members to attend together. "The workshops offer a valuable opportunity to step away from the business, absorb the same information and foster a shared understanding of financial reporting. By learning together, they can enhance their financial skills as a team," she said.
Rabobank's Rabo Client Council network is focussed on developing meaningful grassroots initiatives to support key themes focusing on agri education, rural wellbeing, sustainability, adaption and creating rural/urban connections, Ms Boyd said.
"By empowering primary producers with the expertise to effectively utilise financial reporting and navigate banking processes, the Financial Skills Workshops contribute to bolstering the resilience and prosperity of local farming businesses," she said. "Consequently, our rural and regional communities also benefit from a financially-healthy ag sector."
Rabobank head of relationship management for Northern Queensland and Northern Territory Joe Webb said since the launch of the workshops in 2018, the Rabo Client Councils have extended this valuable learning opportunity to over 4,550 farmers across Australia and New Zealand.
"If you're interested in attending these workshops, keen to meet other leading producers in the agri sector and increase your financial literacy and skills, confirm your place before the courses are fully allocated," he said.
Workshop dates and locations are:
- Monday, 5 August 2024 – 9:00am – 4:00pm – Longreach (Module One)
- Tuesday, 6 August 2024 – 9.00am – 4.00pm – Blackall (Module Two)
- Thursday, 8 August 2024 – 9:00am – 4:00pm – Emerald (Module One)
To register to participate, please visit the Rabobank Australia website, or click here
Morning tea and lunch catering will be provided.
