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Canadian farmers can now take financial literacy classes in order to help them better run their businesses, a May 20 news release from Farm Management Canada (FMC) says.
FMC has joined together with MNP to offer a new Farm Financial Fluency training program for farmers. The course is open to producers of all types and commodities, the release says. It is specifically designed to help producers understand, interpret, and use financial tools including balance sheets, financial statements, cash flow, budgets and financial plans.
The program will be delivered virtually between October 2021 and March 2022 with three two-hour sessions happening. Those attending will be anonymous. Producers will also have the option for a follow-up session with an MNP advisor, the release notes.
A recent study by FMC found 63 per cent of Canada’s producers report they understand and can use financial information for decision-making. While producers who have a financial plan and use it for decision-making were found to increase profitability by up to 525 per cent, the release says.
