How Victorian small business owners can pivot through a crisis

In the midst of the coronavirus pandemic, many Victorian small business owners are adapting and finding new ways to stay connected with their suppliers and customers.

Victorian small business owners are looking for ways to survive the pandemic — which includes adapting their business models and innovating products so that they can stay afloat.

Findings from Westpac’s SME COVID-19 response report shows Australian food and beverage businesses (75%) are the ones most likely to have pivoted by making adjustments to the way they conduct their businesses or shifting their approaches entirely.

These include offering additional distribution methods such as home delivery, drive through and contactless pickup (38%) and changing their ordering system (26%).

It found those who have pivoted agreed that the changes they made enabled them to find new sources of revenue in a crisis (62%).

Findings from Westpac’s SME COVID-19 response report shows Australian food and beverage businesses are the ones most likely to have pivoted. Picture: David Geraghty.

“It’s impressive to see how many businesses have found ways to pivot and actually reinvent themselves,” said Lisa Livis, Small Business Spokesperson, Westpac.

“They quickly recognised the need to do things differently to adapt to the changing economic conditions and what their customers wanted from them.”

During its first statewide lockdown, the City of Melbourne offered an IT grant which enabled companies like Whole Kids — an Australian organic food company — to integrate its website with its enterprise resource planning system.

The business found new ways to stay connected with suppliers, search for new customers and support families in lockdown.

“We reached out to our suppliers and customers for their help and asked them for ways that we can best support them and their families during this time,” said founder and CEO of Whole Kids Monica Meldrum.

Monica Meldrum, founder of Whole Foods. Picture: Stuart McEvoy/The Australian.

“We have lots of plans in the pipeline, including the introduction of new product segments that have come about as a result of our renewed focus, clarity of vision and commitment to impact we want to make during this time.”

With the Victorian government’s decision to extend the second lockdown (and, as of today, will remain in place until September 28), Ms Meldrum believes it’s important for Australian businesses to emerge more powerful on the other side of the coronavirus economic crisis.

“It’s critical for small business owners to survive and to continue to innovate and to adapt their businesses to the changing environment so that in the longer term, they are in a much stronger position,” she said.

“Make the most out of opportunities now so you are better equipped for the future.”

Victorian Minister for Small Business Jaala Pulford said: “This pandemic is hard for so many of our small businesses, and that’s why we’re making sure they have the support they need to survive, adapt and keep their employees on – so more Victorians can stay in jobs.”

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