Tasmanian primary producers have the opportunity to expand their knowledge, free of charge, at a practical financial skills workshop designed to help provide farmers with an understanding of their gross margin analysis and cash flow budgets.
Hosted by the Victoria and Tasmania Rabo Client Council, the Financial Skills Workshop – which is open to all farmers, not just Rabobank clients – will be held in Campbell Town on Tuesday, August 25.
The complimentary, interactive workshop takes a "deeper dive" into the cash flow implications of a variety of enterprise choices, as well as preparing annual cash flow budgets. This workshop follows on from a Rabobank workshop held in Campbell Town last year that focused on foundational financial literacy.
Limited to 30 participants, the workshop will be delivered by director of Hudson Facilitation, Tony Hudson.
The Financial Skills Workshops – which provide farmers the opportunity to upskill and network – have been led and funded around Australia and New Zealand by food and agribusiness banking specialist Rabobank, through its Rabo Client Councils. Groups of innovative, forward-thinking Rabobank farming clients who are passionate about making a difference in their communities, the Councils support a range of initiatives designed to make a meaningful impact on the vibrancy and resilience of rural Australia.
Rabobank area manager for Tasmania Stuart Whatling said the upcoming Campbell Town workshop was designed "to equip farmers with the financial skills and tools needed to help manage increasingly complex agricultural enterprises".
He said the workshop was tailored for farm owners and managers to strengthen their understanding of the financial management requirements of their businesses.
"Even experienced farmers may not fully understand how to interpret their financial statements or calculate the gross margin of their business, or may want to sharpen their financial analysis skills," he said.
Mr Whatling encouraged couples and families to attend the workshop together to develop a shared understanding of financial reporting. "The sessions give farming families time away from the day-to-day demands of their businesses to strengthen their financial skills together," he said.
Victoria and Tasmania Rabo Client Council deputy chair and Moriarty-based mixed farmer Caitlin Radford said since the launch of the Financial Skills Workshops in 2018, the Rabo Client Councils have extended this valuable learning opportunity to over 5,400 farmers.
Ms Radford said the Rabo Client Council network was focused on meaningful grassroots initiatives that build industry capacity, champion rural wellbeing and strengthen the rural-urban connection.
"Building long-term industry capacity and supporting agricultural education are key priorities for the Rabo Client Councils," she said. "With skilled labour a challenge across Australia, attracting and retaining young people in agriculture remains critical, along with supporting the ongoing development of primary producers. Through education, we aim to strengthen the industry's reputation and build its current and future workforce."
Ms Radford said the workshop in Campbell Town offers a development opportunity for Tasmanian farmers. "Farming today is about much more than driving a tractor, with many farmers spending a significant amount of time working on their finances. Farmers are very aware that to be able to run a profitable business, financial skills must be at the forefront," she said.
"Even farmers confident in their financial understanding can use the workshop as an opportunity to brush up on skills. Or farmers can bring their staff to the workshop to introduce them to the topic or upskill. The more skills and knowledge within a farming business, the more successful that business should be.".
Fellow Rabo Client Council member and Triabunna-based mixed farmer, Will Fergusson said strong financial skills are critical for successful Tasmanian farming businesses.
Mr Fergusson said the workshops are designed to "bridge the gap" between agricultural expertise and financial acumen. "It doesn't matter if you've been farming for 20 years or just starting out – the workshop will provide useful knowledge farmers can walk away with and apply in their business," he said.
"Feedback from farmers who have attended previous workshops held in Tasmania has been very positive, with many saying they left with practical tools and a clearer understanding of
