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Farm Financial Management for ManagementExcel graduates was designed
to teach participants how to manage and interpret their financial
statements. This four-day workshop was held one day per week for
four weeks. The workshop objective is for the participants to apply
the five functions of management to the financial management of their
business, allowing the participants to achieve their business
objectives. In order to achieve the workshop objective, seven
specific goals were developed. Five of these goals were to be
achieved during the workshop with the remaining two goals to be
achieved following the workshop.
Thirty farm business managers have attended the workshops the past two years. Three individuals attended both years because they felt the repeated experience would help them improve their financial management. By the end of the workshops, the participants were able to discuss, among themselves, the different financial ratios and what they measure. Ten participants had all six financial statements completed using the Finpack computer program. These participants had both cost and market figures while other participants only had market-based statements. Participants were more aware of portfolio diversification of assets and risk management strategies to increase their financial position. The understanding of credit scoring and its effect on interest rate determination caused many participants to examine their own financial ratios. |
Participants
also indicated shopping for their loans would become a common practice.
Participants were expected to complete six financial statements for their business and calculate their financial ratios. A variety of teaching methods were used in teaching a potentially technical topic to increase audience participation and understanding. Evaluation of the program and follow-up consultations with the participants indicated a significant increase in the evaluation of their farm businesses using the recommended financial ratios. One farm manager stated, "I now understand how each of the financial statements are interrelated and how, through proper analysis and interpretation of the financial statement and ratios, I can change the business to be more profitable." Another said, "Being able to analyze my farm business will be a significant key to business survival and profit maximization. I learned the skills to do this in the Farm Financial Management Workshop." Almost all participants commented that being able to analyze their farm business properly will be a significant key to business survival and profit maximization. The team coordinating this workshop included: Robert Fleming, Warren Lee, Chris Bruynis, Bill Hudson, Debbie Rausch and Mark Drewes. |
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