Farmers across the Riverina region have the chance to expand their knowledge, free of charge, at a series of Rabobank workshops designed to help provide the financial skills essential to managing an agricultural operation.
The practical Financial Skills Workshops –providing producers with an opportunity to both upskill and network – will be held in Swan Hill, Coleambally and Albury between mid and late 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.
Offered at no cost to participants, the introductory, 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.
Rabobank Riverina & Northern Victoria Rabo Client Council chair Monique Bryant said financial skills “are vital for our farmers and future farmers”.
“These workshops provide insightful knowledge in running and managing the day-to-day aspects of agricultural businesses from a financial perspective. They also seek to attract and retain the next generation of individuals in the industry while supporting the knowledge of current producers,” Mrs Bryant said.
“The content provided through this workshop is real and valuable – meaningful knowledge you can walk away with and use in the business.”
Mrs Bryant said, for farmers, having a greater understanding of their business when approaching their financier can also help when applying for any additional finance requirements or to fund a new venture.
Rabobank regional manager Sally Bull 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,” she said, “and 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.
“If you’re interested in these workshops, keen to meet other leading farmers in the ag sector and