Keith to host Rabobank farm financial skills workshop

Rabobank

Farmers in the Keith district have the opportunity to expand their knowledge, free of charge, at a Rabo Client Council workshop 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 July.

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.

The complimentary, interactive workshop provides 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.

South Australia & North West Victoria Rabo Client Council chair and Millicent-based mixed farmer Nikki Kirkland said “financial literacy is essential for both existing farmers and the new generation joining the sector”.

Ms Kirkland said the workshops aim to bridge the divide between agricultural expertise and financial understanding.

“While many of our up-and-coming primary producers may have strong education backgrounds or extensive on-farm experience, understanding the complexities of financial reporting and banking requirements can still be unfamiliar. That’s precisely why these workshops are immensely valuable,” she said.

Ms Kirkland 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.

“The workshop is designed to allow couples and family members to attend together. They offer an excellent chance for farmers to step away from their business, absorb the same information, and develop a shared understanding of financial reporting. By learning together, they can enhance their financial knowledge as a team,” she said.

Ms Kirkland 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 equipping farmers with the knowledge to effectively utilise financial reporting, the Financial Skills Workshops play a role in enhancing the resilience and prosperity of local farming enterprises,” she said. “As a result, our rural and regional communities also reap the benefits of a financially robust and healthy agricultural sector.”

Rabobank regional manager for South Australia and north west Victoria, Roger Matthews said farmers who had attended previous Rabobank Financial Skills Workshops have given feedback that the information provided is “valuable – practical knowledge that they can readily apply to their farming enterprises”.

“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,” he 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 workshop – which will be limited to 30 participants and open to all famers irrespective of who they bank with – will be presented by director of Hudson Facilitation, Tony Hudson.

Workshop date and times are:

  • Wednesday, 3 July 2024 – 8:30am – 3:30pm

/Public Release.