Want to better manage your farm's finances? Take FCC’s free online course
A firm understanding of your farm finances is one of the most important things you need for a successful farm business. From rookies to veteran farmers, knowing key financial concepts is essential to thriving and making business decisions with clarity and confidence. The opportunity to learn is now.
FCC and BDO Canada have collaborated to launch Manage Your Farm Finances, a free, online, three-course series created specifically for Canadian agricultural producers. It’s designed to help you improve decision-making, increase profitability, communicate with partners more effectively, and reduce risk.
Build financial knowledge
BDO Canada partner Kayla Reykdal says the program is the opportunity to learn to think of your farm as a business and how necessary it is to prioritize financial management.
“The financial side is becoming even more important because of the costs and the margins out there now,” Reykdal says, referring to rising costs and shrinking margins.
It’s always a good investment to spend time on the finances, especially given the mounting business costs.
Addy Bolduc agrees. The cattle rancher and member of the Canadian Cattle Youth Council from Stavely, Alta., believes investing time in farm finances is always a good idea, especially given the mounting business costs.
“The more you can constantly expose yourself and remind yourself about these financial concepts and keep them top of mind, the better you do at analyzing your own business,” Bolduc says.
Bolduc has some experience with financial planning and says the free Manage Your Farm Finances course series is very good at explaining complex financial terms and concepts in layperson’s terms, empowering users to understand their meanings.
Mitigate risk
Knowledge is power, so understanding farm finances is also an effective risk management strategy. Reykdal, also an instructor in the course series, believes the course gives producers confidence in their knowledge to manage their farm operations better, no matter their age or stage of career.
“Understanding the numbers and the statements and making a decision based on all that can be tailored to new people, starting with those that have been on the farm for a long time,” Reykdal says. “A refresher is good for people, so that if they do come across an opportunity — maybe they want to purchase more land or diversify their farm — then they can go back to these financial indicators that can help them make those decisions.”
Hands-on learning — for everyone
The Manage Your Finances course series provides practical and actionable learning through an interactive and self-paced format. It's easy to access anytime, anywhere, and open to everyone, not just FCC customers.
Constant learning is critical, Bolduc points out, especially in today’s agricultural world.
“If you only look at your farm finances once a year to pay the CRA, you’re not going to get a lot out of that,” she says. “It’s really important to have that constant and never-ending improvement mindset. It makes these courses less intimidating, too.”
Course details
The online course series is available in English and French, and the concepts apply to all types of agricultural production. Each unit consists of videos, quizzes, case studies, exercises, and downloadable tools and templates you can use for your farm business after completing the course—all completely free.
Manage Your Farm Finances is delivered in three parts, covering five key areas of farm finances:
Managing and analyzing financial statements
Cost of production and using ratios
Profitability
Cash flow and debt management
Working with your lenders
Keeping up with your finances is good for your business and your peace of mind. Courses such as Manage Your Farm Finances will help demystify financial practices, terms, and processes and help you understand what you can or can’t control. Work smarter, not harder, and increase your farm's financial fluency — it’s the best thing you can do for your farm business.
Article by: Trevor Bacque
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