Shared value involves an audit of the entire supply chain of a business married against the needs of another. In the case of a genuine mutual beneficiary, initiatives can be created that serve the triple bottom line: people, profit, purpose.
The Australian Turf Club (ATC) is the second largest landowner in Australia. As a business they also rely heavily on the local communities that surround them, but in many instances do not serve them adequately. We ran a workshop that addressed both the supply chain and the business priorities to come up with initiatives that could help maximise a return on the land, but also give back more to the local communities around them.
Unused agricultural land was identified as a huge untapped resource. Despite a huge demand for crops (both for human and animal consumption), external food was being shipped in at a huge cost and footprint. The ATC now plans to reactivate some of its unused agricultural land to not only reduce the cost of produce, but also to return local farmers to work.
Aside from the occasional function and weekly race meet, many of the actual race courses remain dormant off season. Royal Randwick, with its close proximity to the city and beaches, has a strong catchment area - however, for the community uninterested in racing, Royal Randwick remained irrelevant and unused. With a focus on better serving and giving back to the community, we brokered a relationship with For Goodness Sake to create the Fair Farmers Market. With the FGS business model built around a profit share to local communities, not only are the markets benefiting consumers and ATC members, but farmers, local businesses and local schools, too.