Respond, recover and thrive
By Wendi Dawson
We can all agree that 2020 was a year like none other in our lifetime and probably one that none of us would like to experience again. With an estimated loss of 75,000 jobs and 15 per cent of businesses expected to close permanently in Melbourne alone, the impacts of the COVID-19 pandemic have been widespread – especially on the small business community.
When dealing with a crisis, experts will talk about its three phases: respond, recover and thrive. If your business has survived the respond phase of the pandemic, you are moving into recover. But what are your plans? How are you going to rejuvenate your business for 2021? This can be an incredibly challenging time for small businesses when resources and cash are already depleted.
Thankfully, yes, there are several government resources available through grants, subsidies, etc. However, for most, this will not be enough. What businesses will really need is connectivity, leverage and collaboration with other businesses. To really accelerate the recovery phase, business owners and leaders need the opportunity to learn from one another and leverage their respective skillsets. There is a great expression about life being too short to make all of your own mistakes. This is truer now than ever.
Another critical part of recovery is collaboration. It is my prediction that 2021 will be the year of collaboration. We will see more businesses joining forces and working together to strengthen their respective businesses. Whether it is through strategic alliances or formalised joint-ventures, leaders will recognise that they are stronger together, can create better value for their customers and will recover faster by collaborating with synergistic organisations.
If you would like to know more about the Melbourne Business Network (MBN) and how we can support, connect and promote you and your business, please reach out to me via our website:
melbournebusinessnetwork.org.au. Additionally, be sure to register for our events and webinars designed to support your business through recover and move into thrive faster.
All the very best for the holidays – and 2021!