Industry experts will deliver key profitability and efficiency strategies at the upcoming Tamworth workshop.

Meat & Livestock Australia (MLA) is gearing up to host its acclaimed Business EDGE workshop in Tamworth on May 7-8, targeting livestock producers nationwide. The workshop aims to enhance the business skills and profitability of Australian livestock businesses. Simone Parker from Bush AgriBusiness, Queensland, and John Francis from Agrista, NSW, will guide attendees through the two-day event, sharing their expertise in family governance and operational strategies.

Simone Parker underlines the critical nature of understanding and leveraging one’s business capabilities. “It’s crucial to recognize both strengths and areas needing improvement within your business,” she explains. Parker’s approach focuses on strategic goal setting to optimize business performance, particularly through effective family governance and succession planning.

John Francis discusses the evolving economic landscape affecting the livestock industry. He emphasizes the importance of adapting to significant shifts in market conditions, such as fluctuating interest rates and commodity prices. “Our current economic climate makes it imperative to refine business management techniques,” Francis states, advocating for resilience and strategic foresight among producers.

The workshop will cover several pivotal areas critical for business enhancement:

1. Know Your Numbers: Understanding and setting key performance indicators (KPIs) are foundational to monitoring and driving business growth. Extending financial literacy plays a vital role in assessing profitability and exploring avenues for enhancement.

2. Share the Lingo: Effective communication within family-run businesses ensures that every member is aligned with the business’s trajectory, making transitions and decision-making processes smoother.

3. Plan Strategically: Continuous planning is essential. Regularly discussing business plans and performance metrics equips future generations with the necessary skills to sustain and expand the business.

4. Understand Economic Conditions: Recognizing external economic factors such as currency fluctuations, commodity prices, and interest rates is key to making informed operational decisions.

5. Enhance Efficiency: Identifying areas for operational improvement, particularly in labor management, can lead to significant cost savings and enhanced productivity.

The upcoming Business EDGE workshop is more than a training event; it is a strategic session designed to equip livestock producers with practical tools to navigate and thrive in a challenging economic environment. With expert-led sessions focused on actionable insights, the workshop promises to be a pivotal opportunity for attendees looking to enhance their business acumen and operational effectiveness.