Resist the urge to go back to the old ways
As business owners, we need to hold on to everything we’ve developed through Covid-19 in some way, rather than reverting to the pre-pandemic model. So, being able to create multiple revenue streams if another lockdown happens or there’s a further reduction in staff. Not relying on a single income source is key.
For example, there are people in the industry who, pre-Covid, would never have touched QR code menus and ordering, online ordering or takeaway. But when I’ve asked the same people, it’s basically become “innovate or die”.
There are so many touchpoints in technology that speed up the growth of business and reduce the need for some staff as well, which is important during times of staff shortage, like this. If you don’t adapt, you’re going to find yourself in the old way of operating and it just doesn’t work.
The nostalgic part of me wants to go back to the promised land, but the way people are going to dine, buy their food, drink, travel and everything else has fundamentally changed. It’s a huge opportunity to completely turn things on their head and not be afraid to take chances.
Michael Bascetta is the co-founder and CEO of Worksmith.
Embracing technology will create new opportunities
Businesses are more cautious in their views of what the future looks like, but still want to try new things. We’ve seen many thrive through being forced to think differently and innovate. That’s been a light-bulb moment – if we can do this under pressure, imagine what we could do in normal times.
The need to adopt technology in the business in a meaningful way is going to be critical. That will mean business owners ensuring that their systems work together, that the information flows around their business, and that they can get a clear picture of what is really happening and where the opportunities to adapt might be.
Businesses want security, and embracing new technology is a great way to achieve that. It can give efficiency gains in time and money that can then be dedicated to experimenting in their business, getting creative, trying new things, growing their business in the way that maybe they always wanted to but never got the chance to. Building that resilience through adopting technology sets them up for success, not only next year but well into the future.
Colin Birney is head of business development at Square Australia.
It’s OK to take digitisation one step at a time
The work that government and organisations such as the Council of Small Business Organisations Australia (COSBOA) have been doing in terms of advocacy is a push towards digitisation. We know that when you are digitised and better connected to your client base or to your accounting system, for example, you have better outcomes and efficiencies, but importantly have better margins and profitability. The knock-on effect of having good digitised processes is an improved output for a small business.
Having said that, through the past 12 months, small business has almost been bombarded by the digitisation concept from all angles. We’re not just talking about getting onto an accounting platform that means we can see our numbers in real time. We might see that aspect, plus the push to sell online and pivot, then to become more flexible in engaging with our customers, so an expectation to develop a customer relationship management (CRM) strategy and start thinking about a better approach to social media and digital marketing.
With this level of expectation, there’s a bit of what I call “digitisation fatigue”. Small businesses may be feeling that they must do all of this to keep up, or that by not doing it, they are not making the most of the opportunities.
Covid-19 has emphasised the need and accelerated the requirement to become digitised, and to recognise the value of having better data and a greater understanding of what’s going on in your business. What will be important now and in the future is to factor in the impact on small business owners in particular and give them opportunities to adapt at their own capacity.
Alexi Boyd is the interim CEO of the Council of Small Business Organisations Australia (COSBOA).
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This article is for informational purposes only and does not constitute professional advice. For specific advice applicable to your business, please contact a professional.
