Central Queensland primary producers have the opportunity to expand their knowledge, at Rabobank-supported workshops designed to enhance the financial skills essential for managing agricultural enterprises.
The practical Financial Skills Workshops – providing primary producers with a chance to both upskill and network, at no cost to participants – will be held in Rockhampton and Theodore in mid November.
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 communities.
The interactive workshops provide practical, hands-on guidance 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 Rabo Client Council member for Southern Queensland and Injune-based beef producer Sally McGilvray said it was "exciting" to bring the workshops to Central Queensland.
Ms McGilvray said the Rabo Client Councils had so far delivered "this learning opportunity" to more than 3,600 farmers across Australia and New Zealand, since commencing the workshops in 2018.
"The workshops provide understandings and insights for running and managing the day-to-day aspects of agricultural enterprises from a business perspective," she said. "And if we are heading into a drier summer, with the prevailing El Nino climate outlook, it's particularly important producers in Central Queensland have the financial skills to make key decisions."
Ms McGilvray said the workshops would take an enterprise-focused approach, separately looking at beef and cropping enterprises. "We will consider cash flow implications of a variety of enterprise choices, and also focus on preparing annual cash flow budgets," she said.
Ms McGilvray said attendees at previous workshops "have told us the learnings provided through the workshops are real and valuable – useful information they can walk away with and use in their business".
For primary producers, having a greater understanding of their enterprise when approaching financiers can also help when applying for any additional finance requirements or to fund a new venture, she said.
Rabobank regional manager Brad James said the workshops helped primary producers enhance their knowledge base of understanding how to read, interpret and use financial reports for their respective businesses.
"Financial reports are often one of the most useful and underutilised tools for many agricultural enterprises," he said.
The workshops provide valuable educational opportunities, Mr James said, structured under the guidance of the Rabo Client Council members, and specifically targeted to meet the needs of those involved in operating and/or managing agricultural enterprises.
"And Rabobank managers will be on hand to share insights into some of the important principles of rural lending, explaining the importance of understanding these principles and their impact on banking relationships," he said.
The workshops – which will be 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 are:
- Tuesday, 14 November 2023 - 8:30am – 3:30pm – Rockhampton
- Wednesday, 15 November 2023 - 8:30am – 3:30pm – Theodore
To register to participate in the workshops, please click here.
