For the current steady growth in the Queensland feedlot industry to continue, opportunities and threats to the industry must be identified, and strategies formulated. The aim of this research project is to identify the key opportunities and threats facing the feedlot industry and to formulate preliminary strategies for industry organisations to take advantage of the opportunities and reduce the threats. An external environmental scan and a questionnaire survey were used to identify the opportunities and threats of highest priority, as perceived by feedlot managers. The three highest priority opportunities identified are increasing beef exports to Asia, greater use of AusMeat Chiller Assessment and the identification of superior genetics. The three highest priority threats identified are a continuing cost-price squeeze, over-regulation by governments and ongoing infrastructure inefficiencies. The key preliminary strategies recommended to take advantage of the opportunities and reduce the threats are further product differentiation, educating feedlot managers about Chiller Assessment benefits, establishing a premium payment system for genetically superior store cattle, lobbying governments to change policies, and encouraging feedlot managers to adopt new technology and increase efficiency. The limitation to this study is that only an external environmental scan was performed. It is recommended that an internal scan, to identify strengths and weaknesses of the industry, be done before final strategy formulation takes place. The strategies suggested in this study are therefore preliminary.