Business What business lesson's can we learn from Coronavirus?

The world today is like we have never seen it before. Policies can be updated multiple times in a day. We need to think like we have never had to think before. I recently read, don't think outside the box, throw the box away!

What have we learnt so far?

Global reach – traditionally businesses have focused initially or predominantly on their local market but coronavirus has taught us just how connected we are. The spread of this virus has shown us; we are global. When looking at our customer, we need to look broader.

Diversity – this one word can have so many meanings but let’s look at some examples. If all of your business’s manufacturing is done in China and the factory is currently closed, your business grinds to a halt. If the factory isn’t closed, the transportation of your goods will be delayed as they must be quarantined for 14 days.

Shipment delays so far have been more an inconvenience than an issue but is this just the start?

As an economy, we can’t have all of our manufacturing done in one country. Our universities who focused on Chinese students are currently suffering. Once again, they need to diversify their market and have less reliance on one country. Also, another issue here is technology. Is our education system ready?

Over the holidays my family visited Queenstown. The people in Queenstown knew before coronavirus that they relied too heavily on tourism and if anything happened in the world that impacted tourism, they would be heavily hit. They knew the problem, were they too slow to act?

The impact on tourism in Australia shows just how important it is to diversify. This year has been extreme: bushfires, floods and now coronavirus. For too long the word diversity has been associated with gender diversity but coronavirus is showing us just how important diversity is in all aspects of business. Technology – Is the world ready and portable enough should we all be in isolation? Can we as an economy continue to function?

Retailers are seeing their online sales increase as a percentage of their sales.

Businesses are testing their infrastructure to ensure it is ready. I have questioned the education system for years as I watch my own children raised in a world of technology. I know how I learnt at school just won’t work for the next generation. They will need to take leaps forward to catch up with the business world. But with the world of podcasts, youtube and webinars, there is no reason why they can’t.

But when something like coronavirus strikes, you can’t help wonder if the businesses who operate with technology have it easier.  What about hairdressers, the barber, the beautician, cinemas and pubs? Even dining, menulog and uber eats will ensure people have food brought to them but what’s next for fine dining?

Adaptability – the rate of change is faster than we have ever seen before. Policies can be changed twice in a day just to keep up. You need to be thinking ahead, thinking fast, and thinking what if.

And the ‘what if’ scenarios aren’t based on what you have seen before but something the world has never seen before. It’s time for businesses to think with their hearts and their heads. Your team are critical to your success, you need to keep them safe and healthy. And also your head.

What do you need to do to keep your business running?

The advantage for family businesses in times like this is the foundation of your business is your family values. There is no time like the present to ensure all decisions made, even quick decisions, are aligned with your values.

Your challenge will be, you are so busy in the day to day, you don’t have the time to stop and think what if.

Please don’t hesitate to reach out, I am happy to assist you with a plan so no challenge gets in your way of success. I can be contacted on 0411 25 279 or