Taking Stock

Taking Stock is a business analysis process developed by Dairy Australia to help farming families understand how their business is currently performing and identify the opportunities that exist for them to move forward to achieve their goals. In April 2006, DPI entered into an agreement to conduct Taking Stock analyses on a fee for service basis.

Integral to the project was the training of DPI staff in farm financial analysis and the use of the computer program. This capacity building has assisted extension staff gain a broader understanding of the financial pressures on dairy businesses, and has helped staff provide better extension advice.

Target Audience and Aim

DPI staff are offering a Taking Stock analysis to all dairy farmers in Victoria. The initial target was for 100 Taking Stock visits to be undertaken by June 30 2007, after extensive staff training by Taking Stock trainer Cameron Smith.

The Taking Stock process aims to assist farmers to understand their business performance more clearly and for specific signposting and technical advice to be given to assist them achieve both business and personal goals. It also aims to encourage direct engagement between extension officers and farmers and to develop improved ongoing advisory relationships.

Methodology

Cameron Smith trained eleven DPI staff in the use and interpretation of financial data in June and August 2006. He also provided a coaching opportunity for DPI staff members with their first Taking Stock farm visit.

In response to the deteriorating seasonal conditions, a further three regional training workshops were held in November 2006. Over 50 people from DPI, factory field staff, Rural Financial Counsellors, NCDEA staff and other service providers gained useful insights into how businesses were travelling and the issues that needed to be addressed. Feedback from attendees suggested that the sessions were a very good use of their time as they were able to see how the Taking Stock analysis gave useful, detailed information. The workshops also provided important networking time for overstretched field staff.