2020 CEO Survey: Tim Ford, Treasury Wine Estates

Diversification and balance are more important strategies than ever, says Treasury Wine Estates chief Tim Ford.

What are the three enduring lessons or changes to flow from COVID-19?

It doesn’t matter if it’s COVID-19 or any other crisis: an organisation’s strength lies in its people and its relationships.

Diversification and balance are more than ever key strategies. By that I mean diversification of and balance across markets, portfolios and sales channels.

COVID-19 has shown us how quickly we can adapt, and that historical methods and habits that are just that, historical, must always be challenged and constantly revisited. We need to harness this, and must continually innovate, change and be decisive

How would you rate the shape of the Australian economy as we head into the new year?

After the shock of 2020, the strength of consumer sentiment and spending is surprising. We must channel this positive sentiment, and the spending that goes with it, into rebuilding the industries and services most impacted. I’m thinking particularly of travel, tourism, hospitality and the arts. Harness national pride in a way everybody can play a part in the recovery.

What three reforms are needed to sustainably grow the economy?

We could be living with COVID-19 for some time yet, so we need clear and nationally consistent domestic and international border entry/exit rules to enable managed movement.

Investment incentives to drive new and regenerated public housing, creating increased private investment, jobs and construction material demand, and, most importantly, better living conditions.

Increased tax benefits for philanthropic pursuits for individuals and organisations to ensure the recovery and health of not-for-profit organisations.

What are the three best growth opportunities for your company in 2021?

The stay at home, purchase from home and consume wine at home trend — across most key markets globally.

Consumers continuing to expand their repertoire across wine varieties at more premium price points.

Focused investment and brand building through digital channels to connect consumers more deeply to brands.

What impact will digital transformation have on your company?

Significant already, and will continue at pace. The ability to connect virtually through digital channels expands the number of consumers we can reach, allowing us to engage in a more targeted offering. It gives us rapid two-way engagement, so we get direct feedback in ways that can’t be achieved through traditional channels.

How would you rate business, state and federal government performance this year?

Through a unique period, the desire and ability of business with business, business with government, and government with government to solve together has been one of the great positives of 2020. We have to ensure this is just the start and not a one-off. It hasn’t been perfect, but it has showed what is possible with strong intent from leaders. This period has revealed some outstanding leaders in this country.