The thought of understanding farm and agribusiness finance can often leave some wondering where to start, but this crucial knowledge is being made fun and accessible by a young farm consultant.
Renae Piggott noticed a trend of people in their 20s and 30s who were struggling to understand or connect with the world of finance.
In June, she will host a finance workshop geared towards young people at the start of their careers, or those in the process of succeeding their family farm.
The 24-year-old mostly works with people over the age of 55 years, but over the past three years has seen a generational shift.
"I'm seeing a lot of the younger generation coming to the table and talking about finances," Ms Piggott said.
"They might be involved in succession, and sitting there thinking, what does this mean?
"I don't think it's because they don't want to know about finance, but they're a bit confused about where to go to get more information.
"They don't ask questions, but I think that's because in that setting, at the table with your mum, dad, accountant, manager or whoever else, you don't really want to ask a "dumb question."
Through her work and the power of social media, Ms Piggott spoke to about 50 people asking what they knew, and wished they knew about finance.
The answers shared common themes, with young farmers wondering how they were going to buy land and machinery in the current economic climate, how to expand a business, or what banks will be looking for during a loan application.
Ms Piggott said she was surprised by the amount of responses she received to a call out on Twitter/X, but it formed plenty of conversation.
The responses, and a GrainGrowers' Limited scholarship were the inspiration to organise workshops where all of these questions can be answered.
"My day to day job is dealing with clients who are buying farms, buying machinery so I thought this could be a really nice synergy," Ms Piggott said.
In collaboration with local grower groups, the workshops will run for a couple of hours and cover the key financial ratios, cost ratios, operating profit and gross margins, and bank loans, as well as going through some example scenarios.
It's a relaxed and approachable opportunity for farmers of all ages to add another tool to their toolbox.
"We'll be applying the knowledge to a scenario that I've made up, to get people to work together and think 'what is the bank going to look at?; is it a good idea for the business to buy the land?; is it not?' and just promote that conversation amongst the participants and see where everyone lands with it," Ms Piggott said.
Included in the workshop is a benchmarking booklet, and the opportunity to speak to her for two weeks after the workshop to discuss all things business.
"I'd love for it to be an afternoon where they can stand and chat for longer afterwards," Ms Piggott said.
Often there are a number of limitations young farmers have to consider when starting or taking on a farming business.
A couple of profitable years followed by last year's poor season have put some farmers back at square one.
Ms Piggott said the noticeable disparity between farm input costs such as machinery and fertiliser prices - and grain prices, meant farmers were losing out twice as much.
She said young people were often hamstrung by not owning land outright, and accessing an overdraft, should they need one, which cannot happen on leased land.
Ms Piggott also said finance through other institutions may have higher interest rates.
"You have to really think about what you're doing and do it right, otherwise it can go wrong pretty quick in this current climate," she said.
"If you don't know your numbers you could be leaving profit on the table.
"That's why I'm so passionate about doing this workshop.
"If you understood this from my age, and then built on it, you're going to be in a really good spot by the time you hit 45.
"But it's just daunting to go into it, no one likes numbers."
A few years ago Ms Piggott studied animal science at Murdoch University, and branched out into the business and finance sides of agriculture after wanting to expand her knowledge.
During a short course in agribusiness, she connected with another farm consultant, who is now her business partner, to help her with an assessment.
The course was difficult but it was made easier when explained one on one.
"It's had such a good impact on my life, that now I want to pay it forward and help other people who might be like me and can do it, but don't because it's too overwhelming," Ms Piggott said.
"If I can break it down really simplistically like how I learned myself, I think more people would understand and have the confidence to ask questions at the table, which will lead to more meaningful chats with the family and insight into their business," she said.
The first finance workshop will be held in Merredin on June 7, in collaboration with the Merredin and Districts Farm Improvement Group.
- Tickets available via madfig.com.au