How to future-proof yourself for Australia’s next business shocks

Businesses have battled through what for many was their toughest year ever. Here’s how to prepare for the next challenges.

Businesses and career paths have changed dramatically during the pandemic, putting millions of Australians on notice to try to future-proof their finances.

Whether you’re an employer, sole trader or employee, the lessons learned from 2020 can put you in much stronger shape to handle the next big financial challenge.

“Business as usual is no longer enough in the new world,” says Business Australia chief customer experience offer Richard Spencer.

He expects 2021 to deliver a rise in video conferencing fatigue, more blurring of work and home life and possibly a re-examination of the working week, and says a key way to future-proof jobs and businesses is to operate confidently in the digital world.

“Workers and business owners need to be digital, able to re-skill and adapt,” Spencer says.

He says now is the time to stay agile and seek ways to trim unnecessary costs without reducing your quality of work.

“For example, try negotiating more flexible terms with your suppliers or premises, compare utility prices or move operations online if possible.”

Business Australia’s Richard Spencer. Picture: Gregg Porteous

Council of Small Business Organisations Australia chief executive Peter Strong.

Customers are critical for all businesses and employees, and Spencer says keeping them happy can include “things like surprising customers and over-delivering on promises”.

Council of Small Business Organisations Australia CEO Peter Strong says the pandemic delivered a mix of successes and failures for businesses, and communication is a key to future survival.

“Future-proofing involves being ready to take advantage of opportunities,” he says.

“Get your staff ready. Talk to them – say if there’s another lockdown this is what happens, or if a lockdown in another area impacts upon us this is what happens.”

Strong says business owners and workers should talk with their family about experiences in lockdowns and how they would handle it next time.

And consider how you might react and cope when the next shock arrives, examining areas such as debts, cash reserves and controlling costs.

“I would be writing a plan about opportunities and risks,” Strong says.

“Sit down now with the landlord and prepare for next time – a lot of small landlords were wonderful during the pandemic,” he says.

And join a direct membership organisation in your industry, whether it’s hairdressers, newsagents, hotels or any other sector, Strong says. “Ten heads are better than one.”

@keanemoney

Originally published as How to future-proof yourself for Australia’s next business shocks