Farmers are using new strategies to maximize their profit margins and connect with their customers. Often, this lets new farmers establish on smaller farms and use more ecologically sensitive farm practices. But these innovative farmers don’t always have the resources for planning and evaluating financial viability. For farmers who want the financial management skills to plan their future farm business, or evaluate their current one, FarmStart is offering the brand new 3 part Farm Viability Course this winter in Guelph and Chatham-Kent.
The course gives farmers the tools to make efficient, grounded decisions about starting and running their business. In Chatham there will be 3 Saturday sessions: Nov 28th, Jan 9th and Jan 23rd and will be held at the United Way. In Guelph the 3 sessions will be on Mondays: Dec 14th, Jan 11th and Feb 8th at the Guelph Chamber of Commerce. The 3-session course is $195 per person or $350 for a farming pair. A series of Farm Viability Webinars will also be offered so farmers can learn at home and are offered in a package with the course for $250.
The Course will focus on setting up a chart of accounts, costs of production, cash flow budgets, profit/loss and equity statements. It is taught by farmers who have firsthand knowledge and experience managing their farm finances and are passionate about helping others do the same.
Graham Corbett of Fiddle Foot Farm in Mansfield, who will be teaching the course in Guelph, sees a gap in learning opportunities available on farm finances. “For the new generation of farmers, I think [understanding their finances] is even more important,” he says, “a lot of farmers don’t own their land and can’t count on it as an asset to borrow against. They have to be even smarter about putting together a business plan whether they’re getting a loan from family, their community or the bank. It’s about being confident that your business has the capacity to pay back a loan.”
“A lot of farmers are more comfortable dealing with their crops and livestock than their numbers” says Chris Knight of Clear Creek Farms in Highgate, who will be teaching the Farm Viability Workshops in Chatham.
“And for farmers who haven’t started farming yet, once you look at the budgeting and the numbers, reality sets in pretty quickly whether or not you have a viable idea.”
For course registration and details visit http://www.farmstart.ca/fvs/ or contact admin@farmstart.ca or 519-836-7046 x 103.
