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Most importantly, what are the lessons learned from the pandemic to better prepare us for future challenges. 

Read on for our Top 6 Lessons Learned. 

In reflection, the changes brought about by COVID, saw small Businesses forced to learn some hard lessons very fast to counter the devastating impact. Some survived and thrived, and some didn’t.  The common thread is that Small Businesses learned some lessons that they need to apply going forward to brace for the next ‘unexpected’ challenge. We also saw the Australian Government provide Grants and Supplements to help support businesses during this period.

But to look to the future let’s first capture a glimpse of the ‘past’ world, major events that influenced and shaped us!

Pre COVID and post WW2 Australia was embraced by migrants escaping war-torn Europe looking for a better life. The 1960’s brought growth and prosperity, a mining boom in WAs north, a housing boom, Holden cars and employment opportunities. With few major fluctuations it was a stable environment, providing certainty. 

This lasted over the decades although housing booms and busts created interruptions.

Between August 1968 to May 1989, Australians saw the average mortgage rates rise from 5.38% to 17%. Then followed the 1990’s Recession we had to have according to the then Treasurer Paul Keating. This followed the stock market collapse of October 1987, caused by the international recession and high-interest rates.

In the years leading up to the GFC (2007-2009), economic conditions in the United States and other countries were favourable. Economic growth was strong and stable, and rates of inflation, unemployment and interest were relatively low. In this environment, house prices grew strongly. 

The global financial crisis (GFC) refers to the period of extreme stress in global financial markets and banking systems between mid-2007 and early 2009.   

Australia didn’t experience a large economic downturn or a financial crisis during the GFC due to several factors, including the relatively strong performance of the Australian economy and financial system. However, the pace of economic growth did slow significantly, the unemployment rate rose sharply and there was a period of heightened uncertainty. 

2019: the world as we knew it changed dramatically. COVID 19 a viral infection emerged and spread throughout the world with devastating effects, reaching Australia in January 2020! The rest is history!

COVID a Wakeup call!  

If so, how prepared are you and your Business for the next major challenge or sudden unprecedented crisis?! 

Ask yourself, how prepared am I to make critical decisions to respond to the effects of climate change, world population growth, fluctuating economic cycles, energy supply disruption, workforce instability, Technological changes, and Artificial Intelligence advancements, to name some.

To answer, let’s consider ‘lessons’ learned from the COVID pandemic fallout. Words that come to mind include Resilience, Flexibility, Creativity, new Mindset and Adaptability.  Thinking and acting differently, changing direction and behaviours. Nothing is the same, it’s not Business as usual!

To be stronger and better placed Businesses can adopt strategies, such as; 

6 Top Lessons Learned Strategies: 

1. Be prepared: by planning for the hard times, both financially and operationally. Don’t take things for granted, the unexpected can and does happen. Conduct a thorough risk assessment. Keep your Business model agile and flexible to better respond and adapt to changed circumstances and facing uncertainty. Recovery and continuity need to be part of your strategy.

2. Build resilience: Develop and support human capacity and capabilities. Work with your staff to provide and maximise resources, offer flexible working arrangements and social interaction opportunities. Stay connected, whether face to face or digitally. Build and bond with your Team.

3. Strengthen your Business model: by creating more and different revenue streams. Don’t let your Business stagnate, always be looking for new ideas, products and ways of doing things. Explore digital platforms to promote, sell and engage. Reach existing customers and find potentials thru social media.

4. Cashflow counts: stay on top of your cashflow and keep it effective by closely monitoring activities, the ‘ins and outs’. Undertake regular forecasts, manage accounts receivable and cut costs if needed. 

5. Embrace Technology: take-up new technology options and upgrade and fully utilise existing ones. Efficiencies' and productivity gains are made through online tools such as video conferencing and processing. Digital is here to stay, and the conduit to the future.

6. Health and Wellbeing: Everybody and everyone needs to be in good health and wellness. Work- life balance and role purpose and meaning are key to creating a happy team and less stressful environment. Financial reward is not enough. Smart Businesses recognise the value and benefits of having a happy workforce and workplace and are developing their HR policies to suit. 

Closing message: 

The world is a changing place on all fronts! What does the future hold, What will it look like! What will it mean to you and most importantly, how will you respond? Challenging questions! 

Change can happen suddenly. COVID has taught us that sudden disruption to our world, our lives can have devastating effect. In going forward as individuals, communities and business to face and overcome challenges and adversity we need to work together, support each other helping build resilience and positivity.