News

As the dairy industry experiences unprecedented change, and transitions into a new operating environment, the Dairy Women’s Network is partnering with ASB to run a series of workshops aimed at building financial confidence for farmers throughout New Zealand.

The sessions will be focused on the fundamentals of rural banking and finance, and the wider industry picture.

“Maintaining control of your business and ensuring it is resilient enough to continue to be profitable is paramount,” Dairy Women’s Network CEO Jules Benton said.

“ASB Rural wants to build greater knowledge, awareness and understanding of financial management, develop stronger budgeting skills and behaviour and connect customers with tools that can really help to make that process a whole lot easier.”

There will be 17 workshops across the country for Dairy Women’s Network members, in locations including Kaipara and Southland, with the first session starting in South Waikato on 2^nd October.

“The dairy sector has had a golden run over the last 20 years or so but we’re seeing more change in the industry than almost ever before,” ASB rural general manager Richard Hegan said.

“There is so much opportunity, but we know there are some tough challenges facing the sector. The more we can help build financial confidence in our farmers the better prepared they’ll be to make the decisions they need to as they position themselves and their families to make the most of the opportunities available,” Hegan said.

Those attending the Fundamentals Workshop will develop a clear understanding of how a bank assesses a dairy business, and will gain a deeper level of comfort and control of what can be done within a business to support a banking relationship. They will also gain valuable insights into how other farmers have built greater resilience into their business to withstand dairy downturns.

“We believe the 90 minute Fundamentals Workshops are extremely important for those just starting out or who have been running their finances for only a few years,” Benton said.  “The team at ASB will cover strategies and ideas, to give less experienced dairy farmers seeking more information and guidance, control of their business to build greater financial confidence.”

The Bigger Picture Workshops are for more experienced dairy operators who already have a good understanding of how a bank assesses risk, and are focused on building greater resilience in their business.

These workshops cover the dairy sector story over the past 20 years and why building resilience in a dairy business is paramount. They will also explore how to build resilience in business, as well as looking at diversification options.

“We needed to cover off both ends of the experience scale to add some real financial value and understanding for our members,” Benton said. “We are so fortunate to have such a committed banking partner like ASB who totally understands the sector and its financial challenges and needs.”