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.

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

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