The key to financial management
Objective: to understand the language around business finances.
It is important that rural business decision makers have enough knowledge to understand the financial reports provided by their accountants and or business advisers. These reports can also help you in your decision making and planning.
This workshop is for those decision makers who are new to the business and those who have not previously had the opportunity to attend business management training.
By the end of the day, you will:
- understand the language around financial concepts and financial terminology
- understand the information in three main financial documents: statement of cash flow, statement of income, statement of position
- understand what underpins a good business relationship with your bank or financier
- understand what you need to ask your professional advisors about your business
- throughout the day, you will hear current financial terms and theory, practice and experiences to you and your business.
Introduction to strategic planning
Objective:to help you begin to develop plans and tools needed to manage and thrive in the future.
Demonstrate how these plans and tools work together to strengthen your ability to handle the business challenges you may face.
In this workshop we will:
- establish a shared understanding of strategic planning
- examine the structure of a strategic plan
- examine the impact of work-life balance
- examine risk analysis as a tool for strategic planning
- discuss ‘sphere of influence’ and how it intersects with your business
- draft an enterprise vision
- consider your goals.
Objective: to understand and be able to administer key ratios on finance.
The financial management workshop will provide an understanding of business performance and what can be done to improve it. Regardless of the business rationale, it should provide income to support the owners’ lifestyle.
You will ask the questions:
- Are you achieving the lifestyle you want?
- How do you know if you are running a successful business?
- How do you evaluate the performance of your business?
The workshop aims to help you measure business performance and evaluate its strength.
You will self-assess your business’ key financial indicators and draft strategies and tactics to ensure financial risks and opportunities are planned for and managed.
- components of profit
- using benchmarks
- using profit and loss statements
- calculating your profit ratios
- valuing your business
- cash flow budget forecasting
- using balance sheets
- debt to equity ratio.
Personal and business effectiveness
In this workshop, ‘performance effectiveness’ means the environmental factors that affect people in your business. How people perform is critical to your business success.
Objective: in this workshop you will create a more effective business through:
- effective communication
- examining the impact of the leader
- understanding high performance teams
- managing performance management and conflict resolution
- managing stress
- managing self-care
- addressing continuity and succession issues.
You will be able to develop and draft strategies, and tactics to ensure human resource risks and opportunities are planned for and managed.
Sales and marketing
Objective: you will examine your marketing program and develop possible strategies to increase its effectiveness and impact.
This workshop will include:
- ‘bow tie’ model of marketing
- budget allocation for target marketing
- branding to build sales, profits and business value
- practical marketing.
You will review your business’s strengths, weaknesses, and assess what your customer is really looking for in your product and your brand. You will develop a ‘target brand’ for your product and or business, based on the globally based CBBE model (Keller 2001). You will examine ways to cost effectively strengthen your brand and increase sales.
Planning systems, continuity, innovation and change
Objective: this workshop is about understanding and managing change. For those who have completed the full workshop program you will complete your strategic plan for your business.
For those of you with a strategic plan that you are seeking to refine you will: explore useful systems, processes and controls needed in successful businesses
- examine key performance indicators (KPIs) and dashboards as tools to monitor the business
- plan for continuous improvement and foster a culture of business innovation.
You will refine your business’ vision, strategies and tactics. You will review your key viability performance indicators. Business managers will also discuss issues and barriers to ensure your strategic plan achieves the desired results.
Succession: a business strategy
Objective: in this workshop you will develop a framework to support succession management within your business.
By the end of the workshop you will understand:
- how and why succession forms an integral part of the business plan
- the process of succession and the key people and activities that contribute to its success
- the breadth of information required to make informed decisions about succession
- how to develop or revise your strategic direction for the business to include succession and have made a commitment to ensuring this process is reflected in your business goals and strategies.
You will also examine how to identify key stakeholders in your process and commenced the identification of stakeholder needs how to draft an initial communication strategy to get the succession process started for your business and how to draft an action plan and identified indicative milestones and timeframes for this process.
Planning for profit
Objective: in this advanced workshop, you will explore how to achieve an effective price for produce and the benefit of targeting profitable production through being flexible, planning and responding to seasonal conditions.
Rural business typically like farming, fishing and food processing are highly complex, and it is not always obvious how to best identify more effective ways to increase profitability.
You will cover the language of profit. Outlining the language around business profit and presenting key profitability concepts including a focus on profit drivers.
You will ask ‘What is an effective price? How much should you sell it for?’ We will present you with a technique to determine the effective price for key business activities and how estimated price is used to guide seasonal planning.
You will also discuss the underlying costs of the business, to increase your understanding of what impact underlying business costs can have on the ability to conduct the day to day running of the farm business and what needs to be considered when making significant purchases.
You will investigate how to optimise operating costs. We help you answer the question is how much, when, on what and why?
You will also look at the impact of tactically adjusting spending to seasonal situations and focus on maximising profitability as opposed to maximising production.
Refreshing strategic plans
For those of you who have completed the full suite of workshops, either during the Pilot of Drought Reform or more recently under the Plan, Prepare and Prosper suite, or you may have developed a business plan with the assistance of a suitably qualified adviser or by other means.
- help you refine your strategic plan for use as a robust tool for your business
- discuss with you processes for reviewing strategic plans
- help you confirm your vision for your business
- and to review and refine the goals, strategies and actions in your strategic plant
- help you to develop some negotiation skills
- review some strategies for assessing capital investment.
This workshop was developed because strategic plans may quickly become obsolete when there is no activity in place to keep them alive. The most direct way to maintain a consistent focus on strategy is to schedule and hold regular strategy review meetings. This workshop is about making sure you stay on track with your vision for your business by taking time to check your progress against your plan. Recommended for 12-18 months after you have completed a strategic or business planning process.