Top 5 takeaways from the Enhancing VET Business Models Conference

 

The Enhancing VET Business Models conference saw thought leaders from both RTO and TAFE share their insights into the current VET operating landscape.

Thought provoking presentations and insightful questions saw a number of key themes brought to life.

 

Here are the top 5 takeaways from the conference:

1.      Providers must be nimble in the face of reform

Agility was a central theme across the two days as a number of presenters highlighted the tumultuous period the VET sector had faced over the past 12 months. A number of delegates highlighted the need to discuss growth more actively within their organisations and how to respond to change through continuous improvement.

2.      Measurement and analytics are critical

While a number of differences between public and private providers were highlighted during the conference, the need to measure key indicators was critical to everyone in the room. Data analysis was touted as the key step in a number of business solutions including expansion into new markets. As speaker Ron Gauci put it; “If you can't measure it, you can't improve it”.

3.      Focus on cash flow

Delegates were encouraged to strengthen the security of current revenue streams, while continuing to diversify. Methods suggested include improving cash flow streams and surplus.

 

4.      Maintain a value based business 

Across the two days the conversation was consistently steered back to quality. Several presentations emphasised differences between a profit driven and value drive business, favouring the later. As Jon Lang explained, if you can work on improving the student experience, profits will follow.

5.      Internal culture will impact results  

When undergoing this period of reform senior management must communicate vision and cultural values to all levels of their organisation. Many presentations focused on building strong relationships with staff and partners as a key element contributing to success.

So remember, agility, measurement, cash flow, quality and culture, will be critical to enhancing the business models of your organisations.

Many thanks to the dedicated speakers and energetic delegates who contributed to the robust discussion. 

 

 

 

 

 

 

Having unfulfilled her childhood dream of becoming an international spy, Ellise is loving her position as Conference Production Manager at Akolade. Her favourite thing about the role is that it allows her to stay abreast of the latest news across a variety of industries while constantly learning from experts in their field.