THE state’s graingrowers will be better placed to identify ways to improve productivity and profitability after the rollout of the Grains Industry Farm Business Strategic Review.
The program was initially developed by Rural Business Support for the dairy industry last year, following the milk price crisis and tough times for the state’s dairyfarmers.
Run through RBS, the grains initiative involves a $200,000 contribution from PIRSA, $100,000 from Grain Producers SA and $50,000 from GRDC.
“The state government was happy to throw its support behind the innovative pilot program on financial literacy, which directly assisted 30 dairy industry families,” Agriculture Minister Leon Bignell said.
“It’s terrific to now see the grains industry and GRDC co-investing to roll out the Farm Business Strategic Review to the grains sector.”
“The Farm Business Strategic Review has helped farming families make decisions about future investment in the industry, and I hope it will will encourage more businesses to grow and create jobs, contributing to our overall economic goals.”
We want to help our members to develop a better understanding of their financial and strategic position.
GPSA chair Wade Dabinett says the $100,000 contribution is the largest commitment made by GPSA to an individual project.
“GPSA’s mission is to ensure a viable and sustainable grains industry and we believe financial literacy is a vital component of achieving this,” Mr Dabinett said.
“We want to help our members to develop a better understanding of their financial and strategic position. This can then support timely decision-making, investment in new technology and systems which in turn will lead to increased profitability.”
RBS chief executive officer Brett Smith says RBS is committed to building the business skills of primary producers and supporting them to plan the future pathway for their family farms.
“Our new web tools help families quickly see where their business is at now, and where it could be in the future factoring in different scenarios – both the planned and the unforeseen,” Mr Smith said.
“This important review process enables the family to develop a strategic plan, budget and monthly cash flow, with implementation linked to banks and consultants.
“By supporting families through effective emotional and economic engagement, families develop the clarity, confidence and commitment to act and increase the resilience of their farm business.”
GRDC senior regional manager – south Craig Ruchs says that as an investment specifically designed to increase profitability for SA croppers, the pilot has a good fit with the GRDC’s purpose to invest in research, development and extension to create enduring profitability for Australian graingrowers.
“It is important that growers take the time to frequently review business performance and develop a long-term strategy based on personal circumstance, individual goals and sound financial advice,” Mr Ruchs said.
“The Farm Business Strategic Review provides an exciting opportunity to pilot a more intensive and targeted extension approach to deliver real and measurable practice change on-farm in SA.”