Home Crop Monitoring FMC and MNP team up for Farm Financial Fluency training program

FMC and MNP team up for Farm Financial Fluency training program

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A current research by Farm Administration Canada discovered that 63 per cent of Canada’s producers say they perceive and can use monetary info for decision-making functions.

Additional, producers who’ve a monetary plan and use their monetary info to tell decision-making had been discovered to extend their profitability by up to 525 per cent, based on {Dollars} and Sense.

In recognition of the necessity for higher monetary literacy amongst Canada’s producers, Farm Administration Canada (FMC) and MNP have joined forces to supply a brand new program for producers, the Farm Financial Fluency training program.

“Increasing farm financial literacy is the key to unlocking important information about the farm’s risk and potential,” says Heather Watson, government director of Farm Administration Canada, “and we are excited to find a partner who is just as devoted to supporting farm financial literacy as we are.”

The program is also focused at serving to farmers be higher enterprise managers, to assist improve profitability, household and farm team concord, confidence in decision-making, and peace of thoughts.

Stuart Particular person, senior vp, agriculture at MNP says that producers are and all the time have been enterprise homeowners. “Over time, the dollars at stake have steadily increased, raising the potential reward, but also enhancing the risk of failure. This has made the financial management side of the business become increasingly important.”

Collectively, FMC and MNP will host, and ship six digital Farm Financial Fluency training packages, from October, 2021 to March, 2022. The program will probably be particularly designed to assist producers perceive, interpret, and use monetary instruments akin to steadiness sheets, statements, money circulate, budgets, and monetary plans.

Producers taking the program will find out how their monetary info could be organized for fast and simple evaluation, the organizations say.

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