The key to running successful farming businesses is a strong understanding of financials, according to Cecil Plains cotton grower Stuart Armitage.
“The agricultural sector is part of a rapidly changing world in which financial skills play a critical role for both our current and next generation farmers,“ said Mr Armitage, the southern Queensland Rabo Client Council chair.
As such, primary producers in the Pittsworth and Goondiwindi districts are invited to attend free financial skills workshops designed to help them effectively manage their agricultural enterprises.
“There is increasing pressure and need for next-generation primary producers to understand financial reporting,“ Mr Armitage said. “These workshops aim to close the gap between farming expertise and financial knowledge.
“And, while many of our well-educated next-generation primary producers have extensive on-farm experience, understanding the nuances of financial reporting and banking requirements can still be unfamiliar to them.”
Mr Armitage said the workshops were designed to allow couples and family members to attend together.
“They offer a valuable chance for farmers to step away from their business, absorb the same knowledge and foster a shared understanding of financial reporting.
“By learning together, they can enhance their financial expertise as a team.”
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 – has initiated the workshops.
Each session will provide practical, hands-on advice for understanding financial statements and banking requirements and explore topics such as taxation versus management accounting and essential business management ratios.
“By equipping farmers with the knowledge to efficiently utilise financial reporting and navigate banking procedures, the Financial Skills Workshops play a crucial role in enhancing the resilience and prosperity of local farming enterprises,” Mr Armitage said.
“As a result, our rural and regional communities also reap the benefits of a financially robust agricultural sector.”
Rabobank regional manager for southern Queensland, Brad James said producer feedback from previous Rabobank Financial Skills Workshops was that the information provided was “real and worthwhile and readily applied to their farming operations”.
“Since the launch of the workshops in 2018, the Rabo Client Councils have extended this valuable learning opportunity to more than 4550 farmers across Australia and New Zealand,” he said.
“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.”
The workshops – which are 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, 16 July 2024: 8:30am to 3:30pm – Pittsworth.
• Wednesday, 17 July 2024: 8:30am to 3:30pm – Goondiwindi.
Morning tea and lunch catering will be provided.
Please contact rabocommunity@rabobank.com with any queries about the workshops.
