Financial literacy for young farmers
Description
In this episode of the South-West WA Drought Hub's Dry Season Resources podcast, Renae Piggott, a consultant with AgAsset, and Matt Hyde, a young Dalwallinu farmer, talk about the impact of a dry season on WA farms' cash flow.
Farmers may need to pull different levers to change or modify farm operations to minimise the impacts of a dry season on their business.
Renae and Matt give an introduction to the four key ratios farmers should know to help them make informed financial decisions. They discuss the importance for business owners to have a clear understanding of where they sit financially, particularly around cash flow.
They also highlight the importance of having a plan with trigger points throughout the season. This plan should be built on evidence-based information and scenarios farm businesses have experienced in the last five years or more.
Some useful tools and rules of thumb are also discussed.
The Dry Season Resources podcast is produced by the South-West WA Drought Resilience Adoption and Innovation Hub and hosted by Shannon Beattie.
- Cultivating Profit workshop with Renae Piggott (PDF)
- Season 2024: information for WA farmers - DPIRD
- Farm decision making - GRDC
- Processes help to guide good farm decision-making - GRDC
- Farm decision making - how does your risk profile affect your business decision making? - GRDC
- Drought budgeting and banking - Drought Info
- Australian Grain Leaders Program 2024 participants - Grain Growers
- Rainfall to date tool for Western Australia - DPIRD
- Hub news - Drought Hub
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