Decision Making and Risk Management with a Family Board

The Business of Dairy

The use of a structured approach within a NSW dairying business to assist with decision making and risk management, is discussed this month with Kay Smith from Bulahdelah. The Smiths have been operating a family dairy business for over 40 years and 5 years ago, faced with a number of challenges, were weighing up their future options. One of these involved a significant change to the business requiring a lot of capital investment and risk. Kay introduces us to the business and steps us through their reason for creating their advisory group, how they set it up and how it assisted them in getting to where they are today. We would like to thank the NSW Farm Business Resilience Program for their support in the production of this episode. This program encourages best practice knowledge sharing to highlight the social and economic benefits with forward planning and investment.

Links to useful resources related to this podcast:

GRDC publication “Farm Decision Making”

This podcast is an initiative of the NSW DPI Dairy Business Advisory Unit

It is brought to you in partnership the Hunter Local Land Services

Please share this podcast with your fellow farmers and colleagues and feel free to contact us with suggestions or comments via this email address [e-mail]

Further NSW DPI Dairy channels to follow and subscribe to include:

NSW DPI Dairy Facebook page

DPI Intensive Livestock Twitter feed

NSW DPI Dairy Newsletter

Transcript here

Produced by Video Lift

The information discussed in this podcast are for informative and educational purposes only and do not constitute advice.