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Financial literacy key topic at Dairy Days

The Dairy Women’s Network kicked off Dairy Days last week with the topic, “Building Your Farm Budget from Cashbook to Cashflow” being presented in both the North and South Islands during February and March.

The national workshops, funded by DairyNZ, promise to inspire, inform and motivate New Zealand’s dairy women to take hold of their farm’s financial future.

Rebecca Rowe, a former rural banking manager and farm consultant is one of this year’s Dairy Days presenters. She will present in the Northland Island and Claire Harvey in the South Island. Both women will talk about farm budgets and how to manage them.
 
“The roles and skills of women in the New Zealand dairy industry, especially when it comes to finance, is an under-utilised resource,” Ms Rowe says. “Improving financial literacy is one of the biggest opportunities to increase farm profit in the industry and these workshops offer women a massive opportunity to up-skill at an affordable cost.”
 
The workshops will have two main aspects: a chance to network and a technical side with discussions on financial management, and budgets.

“We will work with real numbers and walk away with tangible skills. Even those who don’t like numbers, will get something out of this. It’s about money not maths,” Ms Rowe says.
 
Part of the day’s programme will be introducing dairy women to practical, everyday tools that they can use to better their businesses.

A fan of the web-based software tool, DairyBase, Ms Rowe will also show attendees how to make the most of the programme which she says is designed for individuals not accountants.
 
DairyBase, she says, is an effective tool that records a farm’s physical information and financial statements, and also provides benchmarks that allow comparisons between an individual’s farm and others in the industry.

Ms Rowe says the numbers provide the all-important, objective view and farmers are then able to investigate and use comprehensive reports to drill down even further.

From cutting edge online tools such as DairyBase to everyday hands-on tools such as a good solid budget, “Building Your Farm Budget from Cashbook to Cashflow” is focused on providing dairy women with real financial planning information.

The seminar’s topics will include calculating a farm income from production data; dealing with major categories of expenditure; developing smart ways to record information for relevant use; building and cash flowing a budget and using a budget/cash flow for informed decision making.