Taking Ownership of your Financials
Understanding your farm performance is critical to making informed decisions and changes to improve on-farm productivity and profitability. Your financial statements are an important tool to aid you in the decision-making process, understanding them is key.
RMPP developed a four-hour workshop for sheep and beef farmers called Taking Ownership of your Financials.
The workshop was designed to build confidence in understanding the financial performance of your farm business. It enabled farmers to identify where their farm business was performing well and areas with further potential.
Through the workshop farmers gained a better understanding of how financial statements are structured and where to find key information. They also learnt how to calculate the three key performance indicators (KPIs), these are:
- Net Production per Effective Hectare
- Farm Operating Expenditure (FOE) Ratio
- EBITRm per Effective Hectare