Sydney, 2 July, 2007: Farmers are being reminded that with the start of a new financial year once again upon us it’s time to get smart about their business and focus on financial management.
Advice in a new book ‘Financing Your Farm – A Practical Guide to Financial Growth’ can assist farmers get on track this financial year.
‘Financing Your Farm’ is a joint project from the Australian Bankers’ Association (ABA) and Grain Growers Association (GGA). The book is a guide and reference when planning, financing and managing farm businesses, providing independent information, useful tools and accounting case studies for farm businesses.
GGA Chairman Dan Mangelsdorf says it’s very easy to be focused on the day-to-day running of the farm and let the sometimes daunting subject of financial management slip to one side.
“Now that many of Australia’s farmers have had a good break and have planted their winter crops, they are being encouraged to spend some time to review their financial situation and plan for the future. To remain viable, farm businesses must adopt a professional approach to land and farm management, which includes having a good understanding of financial management principles,” Mr Mangelsdorf said.
ABA Chief Executive, David Bell, said the business of farming is more complex and challenging than ever before and that’s why financing, managing and planning farm businesses is crucial.
“Continuing education supported by books like ‘Financing Your Farm’ can help farmers in making decisions critical to the best use of their capital. This book gives farmers the background to ask the right questions, increase their understanding of farm finance and outlines the tools and options available to achieve and maintain a profitable and sustainable farm business. Importantly, it allows farming families to have informed discussions about their financial situation and target outcomes that are achievable.”
For farmers, two important chapters of the book are provided free on the websites of the ABA (www.bankers.asn.au) and the GGA (www.graingrowers.com.au): ‘Assess and Manage Farm Viability’ (Chapter 8) and ‘Working with Your Financier’ (Chapter 15).
This guide encourages farmers to consider applying business management principles in their own farm business. Financing Your Farm - A Practical Guide to Financial Growth is available through rural publishers Kondinin for $54.95 (including GST, plus postage). It can be ordered from the website: www.kondinin.com.au or free call: 1800 677 761.
For further information:
Australian Bankers' Association
Heather Wellard
Phone: 02 8298 0411
Mobile: 0409 830 439
GGA
Suzanne Laing
PCox Inall Communications
Mobile: 0404 116 905
ENDS