JUNEAU — A clear understanding of financial concepts and how they can be used to measure and manage a dairy farm is the foundation of business success, especially in today’s fast-paced and uncertain economic environment. To support dairy producers who are taking steps to better understand and put those financial concepts to work, several dairy lenders and financial institutions are participating in the “Count on Us” campaign. Through this campaign, these lenders have generously agreed to provide partial scholarships to dairy producers who participate in the Financial Literacy for Dairy series from Professional Dairy Producers (PDPW).
Registration is currently open for Levels Two and Three of the 2020-21 Financial Literacy for Dairy Series, which will be held in January, February and March at PDPW Headquarters in Juneau. This multi-level, multi-session financial development program is designed to provide dairy farmers and other agribusiness professionals with a solid financial base to understand their current situation and plan for the future.
PDPW has developed a list of lenders, financial institutions and consultants who are willing to provide partial scholarships to dairy producers who participate in the PDPW Financial Literacy for Dairy program. Class attendees will pay the training program fee to PDPW upon registration, then consult with their “Count on Us” partners to determine the scholarship amount.
At registration, interested participants will complete an online placement assessment to determine which level best suits the degree of the individual’s financial comprehension. Each training group offers a multi-session, multi-date format.
Level 2 will start Jan. 13-14; continues Feb. 10-11; and concludes March 3-4. This series will offer an in-depth look at financial tools such as income statements, inventories, and depreciation. A study of profitability and cost-center tracking will show trainees how to separate various parts of their operation to measure the profitability of each enterprise such as raising heifers, steers and crops.
Level 3 will be held March 24-25. This session will cover budgeting tools for planning and performance monitoring, trend analysis, key metrics to monitor, and benchmarking. This level will stretch attendees with managing capital investment for their business, how to optimize capital purchases and protocols for sharing records.
Level 1 sessions concluded in November and December; sessions are already being planned for November and December 2021.
To learn more about Financial Literacy for Dairy and to register online for upcoming levels, visit www.pdpw.org, or call the PDPW office at 800-947-7379.
“Count on Us” partners include:
● Ag Consulting Team
● Bank of Brodhead
● BMO Harris Bank
● Bremer Bank
● Citizens State Bank of Loyal
● Compeer Financial
● Dairy Business Consulting, Inc.
● DMB Community Bank — DeForest
● Farmers & Merchants Union Bank
● Greenstone Farm Credit Services
● Investors Community Bank
● Rabo AgriFinance
