- Seven Questions to Assess Business Health
- Drought Assistance Concessional Loans
- Regional Wellbeing Survey
- Climate Kelpie – an educational resource
- Upcoming events
1. Seven Questions to Assess Business Health
Profitability in livestock production is no longer just an outcome of hard work and conservative business management. Modern-day agricultural business now requires a multi-disciplinary skill set with a sophisticated understanding of all business aspects and most importantly, financial literacy.
Seven questions have been developed that allow you to accurately assess the health of your business and gain a better understanding of how to boost your farm’s profitability, they are:
- Am I just keeping records for tax reporting purposes? Meeting tax compliance should be the final task of financial data collection – not the first. Using financial data is a powerful way to evaluate business enterprises and better understand profitability.
- Do I understand the figures? Interpreting key financial information is crucial.
- Which data matters? Understanding your profit before interest and tax is crucial in assessing business health. Calculating those figures comes from knowing what data impacts them.
- Can our business afford debt? Debt can create or destroy wealth.
- What are our goals and aspirations? Understanding the needs and desires of your family, and whether your business can fund them, is essential and helps manage issues such as succession planning and education.
- What are the risks in my business? Honest assessment and management of business risk (such as weather, prices, health, and safety) are crucial.
- Profit – where does it come from? Knowing how your business makes a profit and what you can do to influence profit in individual farm enterprises sets your business up for success.
If you are interested in finding out the answers to these questions then consider attending a Business EDGE workshop, which allow for further insight into business health and profitability. Further information on workshop dates, locations, and registration details are available at: https://www.mla.com.au/news-and-events/industry-news/seven-questions-to-assess-business-health/
Is your farming business experiencing significant financial impacts as a result of drought? Drought Assistance Concessional Loans are available to assist eligible Queensland farming businesses. The scheme is designed to assist in managing, recovering from and preparing for droughts in order to maintain prospects for long-term commercial viability. The Australian Government has allocated Queensland with $50 million for the provision of Drought Assistance Concessional Loans that can be utilised for debt restructuring, operating expenses, drought recovery and drought preparedness activities.
You may be eligible for assistance if you can provide evidence of significant financial impacts as a direct result of drought effects over a two-year period, including the forthcoming season. Available loans include up to 50% of a farm business’s final debt position to a maximum of $1 million.
You must also submit a a valid Bureau of Meteorology ‘Rainfall Deficiency Report with your application. This report shows whether your property is located in an area that has experienced a rainfall deficiency equivalent to, or worse than, a 1 in 20 year rainfall event. Find out more about rainfall deficiencies at: http://www.bom.gov.au/climate/ada/indexo.shtml
Further information on the Drought Assistance Concessional Loans and eligibility criteria are available at: http://www.qrida.qld.gov.au/current-programs/drought-concessional-loans-scheme
Are you interested in helping out your rural or regional community? The Regional Wellbeing Survey is an annual program designed to support research and improve the well-being and quality of life of people living in rural/regional Australia. You will be asked about the quality of life in your community, your wellbeing and your views on a number of issues that are regularly affecting rural and regional communities, such as drought and access to health services.
Not only does your participation produce data that may be used to inform communities during their planning and decision-making process, but all survey participants, aged 18 and over, can enter the draw to win one of 16 prizes worth a total of $7,000. The survey is voluntary, confidential and anonymous. Entries close on 21 December 2017.
More information on the Regional Wellbeing Survey is available at: http://www.regionalwellbeing.org.au/
Looking for a fun way to explain complicated climate principles to the kids. Or having trouble with understanding it all yourself? Well have a look at Enso and his other climate mates. With short entertaining and educational videos as well as forecasting tools, everyone can find something useful.
More information on Enso and his other climate mates are available from: http://www.climatekelpie.com.au/
21 December 2017 Livestock nutrition and feeding workshop Dulacca. For more information or to register click here.
7 February 2018 Tips and topics day Dirranbandi. For more information contact David Hickey (DAF Roma) at firstname.lastname@example.org.
12-13 Feburary 2018 Dubbo bus trip (tbc) For more information contact Jed Sommerfield (DAF Charleville) at email@example.com
21 February 2018 Workplace essential seminar Chinchilla. For more information or to register click here.
March (tbc) Electronic identification in sheep webinar. For more information contact Nicole Sallur (DAF Charleville) at firstname.lastname@example.org .
March (tbc) Grazing BMP Dirranbandi and Nindigully. For more information contact Andrea Wiles (DAF Charleville) at email@example.com.
5-6 March 2018 Business EDGE workshop Charleville. For more information or to register click here.
8-9 March 2018 Business EDGE workshop Goondiwindi. For more information or to register click here.
16 March 2018 Leading Sheep forum and dinner (tbc) Longreach. For more information contact Kiri Broad (DAF Longreach) at firstname.lastname@example.org.
May 2018 (tbc) Herd and flock management days across south and south west Queensland. For more information contact Andrea Wiles (DAF Charleville) at email@example.com.
June 2018 (tbc) Electronic identifcation in sheep field days across Queensland. For more information contact Nicole Sallur (DAF Charleville) at firstname.lastname@example.org.
June 2018 (tbc) Grazing BMP Roma, Mitchell/Morven. For more information contact Andrea Wiles (DAF Charleville) at email@example.com.