While the challenges facing agribusiness are ultimately unique to each business’ circumstances, here are 5 common issues facing agribusiness owners in 2017:
- How digital technology can support business growth and delivery models
Marketing, without wasting money, is critical if you want to grow your business. It is important to recognise that every element of commercial activity is influenced in some way by digital technology. Therefore, business owners should consider digital technologies ability to enable business, and ensure you have the right mix of skills to understand and leverage the opportunities. Understand the interaction between digital commerce and physical logistics – there is a balance!
- Ensure the business and its customers’ information and intellectual property are protected, including from cyber-threats
With increased amounts of data gained from technology and information, owners and Directors should have a cybersecurity incident plan which is constantly reviewed. Preventative and reactive measures are equally important. Ensure intellectual property is controlled, secured and defensible. Ensure your insurance policies reflect the risks of today’s digital world.
- The need to navigate a challenging environment where competitive threats are increasing and requirement for capital is ever-growing
Continually review existing products and services while exploring new opportunities. Invest in innovation and technology to speed up adaptation capacity. Provide products and services that meet more customer needs than those of your competitors. Ensure your financing and capital structure suit your business, production and cash flow cycles.
- Succession planning for senior roles in the business and among Board members
Continually review the skills and experience required in your business, and the depth of talent to cover any holes by departing key staff or unforeseen circumstances. Family succession is another discussion…
- Looking after the wellbeing of staff, including their mental health
Workplaces have a duty of care to provide a healthy workplace, and should be equally concerned about mental health as they are workplace safety.
Some useful resources:
BeyondBlue provides information and support to help everyone in Australia achieve their best possible mental health, whatever their age and wherever they live.
HeadSpace is a national youth mental health foundation dedicated to improving the wellbeing of young Australians.
ReachOut helps you work out what’s going on if you’re going through a tough time and provides personalised support recommendations.
Tie up the Black Dog aims to increase awareness of depression and mental illness.
Hello Sunday Morning is a movement to a better drinking culture.