The 2020-21 Farm Your Numbers contest will open soon – stay tuned!
A guided and self-study course designed for young farmers to aid producers with identifying strengths and areas for improvement to help make operations more profitable and successful.
A course designed just for young farmers
basic financial management
human resource management
The Farm Your Numbers course will include three components:
A series of 8 2-hour online presentations, focusing on finance and financial management. This will include material on:
- Strategy and Strategic Planning
- Principles of finance
- Understanding the three basic financial documents: income statement, balance sheet and cash flow statement – what they are, what they show, and their value in management.
- Defining useful financial ratios from the financial statements: the ratios, what they mean in terms of business performance, and implications for planning going forward.
- How to prepare a budget. What to use from your own farm and what to use if you don’t have your own historical data.
- How to combine your plan and budget to present to your banker in both written and oral form.
- Succession planning – how to move ownership and management between generations.
A focus on human resource management and integrating the material presented, providing the opportunity for participants to present their plans to each other, and to get feedback from each other.
Individual coaching – one on one between the instructors and participants.
- Each participant will do an initial external and internal analysis for their farm, and develop their Vision, Value Proposition and Strategic Intents.
- They will develop a plan for how they will achieve each Intent by defining the actions that will be taken, who is responsible for doing them, the time lines for accomplishing the actions, and what resources will be required. This will require additional individual coaching time to respond to first drafts and answer questions as they develop the details.
The final face-to-face session will be held in March in Charlottetown just prior to the CYFF 2020 Conference.
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