Coronavirus 2020: ‘This is a time to reinvent your business’, MP Angie Bell writes

This is the best time in our living memory to redefine how we do business and devise a plan to thrive post COVID-19. Just like the early 90s – new practices will pave the way forward.

In the early nineties, e-commerce and online shopping began the shake-up of the small business model.

Since then we have seen an increase in online sales.

However, the statistics outlined to me last week by e-Bay Australia showed that 57 per cent of Australian retail businesses still do not have an online presence and that just eight per cent of total retail spend is conducted online.

‘This is a time to reinvent your business’, MP Angie Bell writes. Picture: Jerad Williams

This highlights that there’s plenty of opportunity to broaden business models at a time when it is critical that we adapt to the changing COVID-19 environment.

Now is the best time in our living memory to redefine how we need to do business through this period and into the future. Applying innovation through the process of reassessing, repositioning, redesigning and relaunching will pave the way forward.

It doesn’t mean you have to change everything, but if you are not adapting and pivoting right now, you may not be in business in the months and years ahead.

Consumers have an infinite thirst for new and exciting products and experiences. Once we enter the post COVID-19 world and even before we are in firm recovery, they will flock to reinvented brands and businesses.

So, do you have a futuristic vision for your business?

With the roll out of the pilot for 5G on the Gold Coast, ask yourself how you can incorporate the newest technology into your business model.

The first holographic phone call was recently made by Vodafone UK. It lasted three minutes and spanned over 300 kilometres. Imagine the opportunities that a holographic salesperson could create for your business.

“There’s plenty of opportunity to broaden business models at a time when it is critical that we adapt to the changing COVID-19 environment,” MP Angie Bell says. Ms Bell pictured with Paul Jaffar. Picture: Regina King

This is where retraining now for the jobs of the future, is critical. Small business needs to seize the opportunity to innovate and harness emerging technologies to develop new and sustainable ways to be competitive when we reach the other side and look to grow.

So what should business be doing right now?

As the small business capital of Australia, there was an audible sigh of relief across the Gold Coast when the Federal Government announced the JobKeeper program. Payments will begin in early May, injecting billions into the economy over the coming weeks. Following that, there are several further opportunities for small business and not-for- profit’s including cash flow boosts from $20,000 to $100,000, the SME Guarantee Scheme where the Federal Government will guarantee 50 per cent of new loans issued by eligible lenders.

Additionally the instant asset write- off has been increased from $50,000 to $150,000 enabling you to buy multiple assets and write them off on your tax. This opportunity will help you innovate and reinvent as you move forward.

Small businesses, sole traders and not-for- profits should apply for all incentives available from all levels of government.

Look at diversifying your revenue streams. If you are a small fashion retailer with no online store, build one. If you are a florist with no wedding or corporate business, plan to capture some. If you are a restaurant with no takeaway, create a new menu and home delivery service. Do a ‘Frank Goldstein’ as I like to call it, who at the beginning of the crisis saw that demand for hot pies changed.

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Goldsteins Bakery figurehead Frank Goldstein who has been inducted into the Hall of Fame at the Gold Coast Business Excellence Awards. Picture: Mike Batterham

He ingeniously bagged some flour and sold it when the supermarkets ran out. Frank responded to a supply and demand opportunity. He found a solution to his customer needs and kept his doors open by adapting quickly.

Diversify your supply chain by combining local, regional, interstate and international suppliers where you can. This will allow you to keep trading if one part of your supply chain closes down. Additionally, a shorter supply chain will create more profit margins for you and deliver more competitive prices for your customers.

Reset your marketing and your customer brand messaging and communicate the changes to your target markets, including new customers.

It’s most important that you take the time to look after yourself and your family first and stay safe by downloading the COVIDSafe app.

Then ensure you use this period to review and reinvent your business and your brand, and devise your own plan to thrive post COVID-19.

Angie Bell is the Federal Member for Moncrieff. Prior to entering Parliament, she was a small business development specialist, retail consultant, trainer and business author.