Farmers in the Bendigo and Shepparton 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 late May.
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 advice for 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.
Riverina and Northern Victorian Rabo Client Council member and Kaarimba-based dairy farmer Monique Bryant said "financial skills play a crucial role for both our current farmers and the next generation entering the agricultural sector".
Ms Bryant said the workshops aim to close the gap between farming expertise and financial knowledge.
"Although many of our next-generation primary producers may be highly educated, or have extensive on-farm experience, navigating the intricacies of financial reporting and banking requirements is often unfamiliar to them, which is precisely why these workshops addressing these topics are incredibly valuable," she said.
Ms Bryant said the workshop content would consider cash flow implications of a variety of farming operations and there will also be a focus on preparing annual cash flow budgets.
"These workshops are tailored to accommodate couples and family members attending together. They present a great opportunity for farmers to take a break from their business, absorb the same information and cultivate a collective understanding of financial reporting. By learning together, they can strengthen their financial acumen as a team," she said.
Ms Bryant said Rabobank's Rabo Client Council network was focussed on developing meaningful grassroots initiatives to support key themes focusing on agri education, rural wellbeing, sustainability, adaption and creating rural/urban connections.
"By empowering farmers 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 farming sector."
Rabobank regional manager for Riverina and Northern Victoria, Sally Bull said farmers who had attended previous Rabobank Financial Skills Workshops have told the bank the information provided is real and valuable – "practical knowledge that they can readily apply to their farming enterprises".
"Since their inception in 2018, the Rabo Client Councils have extended this valuable learning opportunity to over 4,340 farmers across Australia and New Zealand," she said.
"If you're interested in attending these workshops, keen to meet other leading farmers in the agri sector and increase your financial literacy and skills, confirm your place before the courses are fully allocated."
The workshops – which will be limited to 30 participants each and are not restricted to the bank's clients – will be presented by director of Hudson Facilitation, Tony Hudson.
Workshop dates and locations are:
- Tuesday, 28 May 2024 – 8:30am – 3:30pm – Bendigo
- Wednesday, 29 May 2024 – 8:30am – 3:30pm – Shepparton
