Following the success of last year’s virtual Financial Skills Workshops – which prior to the COVID-19 pandemic were held face-to-face – upcoming workshops will be conducted online.
Spearheaded by food and agribusiness banking specialist Rabobank’s RaboClientCouncil – a group of the bank’s farming clients who implement programs that contribute to the sustainability of rural communities – the initiative is being offered free of charge to farmers in the region.
The interactive workshop – consisting of two sessions of two hours – will focus on practical financial skills, including the difference between taxation and management accounting, interpreting financial statements and understanding banking requirements.
Riverina and Northern Victoria RaboClientCouncil chair Monique Bryant said with travel and distance now not a restricting factor to attending workshops, the virtual format potentially reached a wider network of farmers from across the region.
Mrs Bryant said with farmers now used to the delivery format of online workshops, the program aimed to provide the “missing link” for those looking to transition from farm employee to a managerial position with more oversight of the financial side of the business.
The workshops give participants the opportunity to learn from their peers, with discussions around developing a strong farming business, and direct access to banking staff to enable insight into how businesses are assessed.
Designed for aspiring and current farm owners and managers, Mrs Bryant said she hoped producers walked away from the workshop armed with better decision-making tools, understanding of their business’ financial position and how to talk to their bank about the likelihood of getting finance.
Rabobank Riverina and Northern Victoria regional manager Sally Bull said the program helped put farmers in the driver’s seat – as they delved into the “ins and outs” of financial statements – in terms of what makes up a balance sheet, profit and loss statement and cash flow.
“Using realistic case studies as the basis for calculating financial ratios, the second session takes this a step further into how this information can be used to make calculated business decisions,” she said.
“This then feeds into discussions around how banks assess a loan and the financial profile of a business.”
The workshop will be held on Tuesday, June 29 and Wednesday, June 30 from 9 am to 11.30 am.
To register, visit rabobank.com.au/about-rabobank/client-councils
