The Rice Growers Association of Australia Inc (RGA), supported by Murray Local Land Services and the Rural Financial Counselling Service (RFCS) are offering local farmers the opportunity to participate in a free Business Health Check and Benchmarking Program, to assist farmers to calculate their profit-per-megalitre.
A Business Health Check is a financial analysis of the business and is part of a process to assist farmers to determine their current business situation and check performance. Benchmarking is a learning process where farmers can study how to analyse their business and examine the data from other businesses. Benchmarking assists farmers to learn from their results and assists them to adopt new business practices.
Many farmers are surprised by the results when a financial analysis is conducted on their business. Financial analysis allows farmers to compare their business with other properties within the area. Business analysis has identified that there is an enormous difference in the levels of performance of businesses within industries and that sometimes people who make the most money don’t have the highest yield.
Conducting a financial analysis allows farmers to compare their business with others and the data from the analysis can be used to inform their forward planning. To gain a business comparison, farmers need to measure some indicators of performance. Participating in the program will assist farmers to identify these indicators and to work through the process of benchmarking.
Participating in the Business Health Check and Benchmarking program will provide an opportunity for local farmers to see what other businesses are doing and what returns they are achieving with the resources they have available to them. Analysis of a farming enterprise and its operations helps to determine what farmers are making per ML and will assist to inform water decisions for the upcoming year.
Farmers who participate in the Business Health Check and Benchmarking program will receive a written financial report that forms the basis of a one-hour discussion with RMCG Consulting and consultation with a Rural Financial Counsellor (RFC) from the Rural Financial Counsellor Service (RFCS).
Farmers participating in the program will have the opportunity to take part in a workshop facilitated by RMCG and to discuss their business results. During the program farmers will be exposed to other business practices through the group project and learn how to conduct an analysis of their business, and how to start to benchmark against their industry peers.
If you would like to participate in the Business Health Check and Benchmarking Program or require further information, contact: Troy on 0417 375 168 or tmauger@rga.org.au or Daryl Poole, RMCG Associate on 0418 992 056 or darylp@rmcg.com.au or your local Rural Financial Counsellor, Tony Flett on 0428 815 766 or tony@rfcsnsw.com.au
