Free drought recovery support for pastoralists across Northern Flinders Ranges
Personalised expert support was provided to pastoral businesses in the Northern Flinders Ranges to assist them to proactively manage and recover from the financial impacts of drought.
In collaboration with the Outback Communities Authority (OCA) and funded through an Australian Government grant, Rural Business Support (RBS) was contracted to deliver the OCA/RBS Pastoral Business Review, working with pastoral businesses located North of Carrieton, South of Maree, East of Lake Torrens and West of the Yunta to Arkaroola Road.
Using a proven process and business analysis tools, the Pastoral Business Review allowed participants to look strategically at their business, analyse options to strengthen and support their long-term financial sustainability. The two-stage process aimed to equip participants with the information and confidence to make decisions to navigate their way back to economic sustainability.
Pleased by the increased support for the region’s pastoral businesses, OCA Board Chair Bill McIntosh, views the project as a positive initiative that will not only increase business certainty, but create opportunities that will benefit the broader community.
“Pastoral businesses in our region have really suffered from the effects of prolonged drought and factors such as the recent significant falls in wool prices,” Bill said.
“This program will help an important part our regional economy to develop plans to navigate out of these hard times, which will ultimately have flow-on benefits for other local businesses and suppliers.”
Stage one involved attending a strategic briefing session, with participants encouraged to consider important questions including: Where are we now? Where are we going? How will we get there? How much will it cost? Will the bank support us? Who will help us?
Stage two involved working with an RBS financial analyst to review business performance and position, identify and address issues and opportunities and understand the financial implications. Participants were supported to develop a Strategic Action Plan so they could better manage their future through decision-making and bank or finance negotiations.
This program is funded by the Australian Government.