The NSW Department of Primary Industries’ Young Farmer Business Program is pleased to announce the third workshop in their ‘Getting Started’ series; Getting Started: Profit Ready.
Building on the success of Getting Started: Bank Ready and Getting Started: Business Ready, the latest workshop is focused on the financial ratios that can be used to measure success in small business, and will be held in Dubbo.
Leader of the Young Farmer Business Program, Alexandra Hicks, said the workshop would give young farmers and fishers clear numbers to aim for when planning their business financials.
“We are excited to be rolling out this workshop series to arm young farmers and fishers with the skills to kick their business into the next gear,” said Ms Hicks.
“The addition of farm tours will give participants the opportunity to put knowledge into action. They will be able to see real businesses who are actively managing their finances and hear from farmers measuring their ratios successfully.”
The new workshop has been developed by Richard Groom, from PF Agribusiness, who is well known for his work across NSW.
The workshop will run in the evenings followed by a farm tour the next morning and will cover:
- Where does profit come from? What does profit look like?
- Factors that affect profitability in farming businesses
- The 80:20 rule
- Working in the business v working on the business
- Key Performance Indicators explained
- How to run a monthly meeting
- Ideal profit ratios and turnover ratios
Four workshops will be held in a pilot series across NSW. The series kicks off in Dubbo on 25 March 2020 at 6pm at the Commercial Hotel. The farm tour on 26 March will be held at Nigel Kerin’s property near Yeoval.