2020 has been a year unlike any other, with the Covid-19 pandemic changing the way we all live and do business. Every kind of business has in one way or the other been affected by the pandemic. Businesses that want to stay afloat have had to adopt a new modus operandum. According to CNN, “Australia’s economy had its worst quarter on record. Now, it is in a historic recession”. After more than 20 years, Australia is experiencing a recession because of Covid-19.
In Australia, the hospitality and tourism sector were hit the most, after experiencing horrible wildfires which reduced the income generated from the tourism sector. Coronavirus came along, and because of the lockdown, hotels were closed, and businesses plummeted further. With travel bans in place, the chances of the Australian hotel and tourism industry recovering this year are very slim.
There is a lot of uncertainty hovering over the Australian business space. Unemployment has gone up 10 percent while there has been a reduction in household consumption and business investors.
We are in the second quarter of 2020; amidst all the chaos caused by the wildfires and coronavirus, some Australian businesses are getting back on their feet and are doing well. What did they do differently? What changed?
Brands Have to Move On
Businesses cannot be stagnant. As a business owner, you have to be ready to change your operations to fit into changing trends and situations. Coronavirus has changed the way most businesses operate, there has been a rise in remote working, and most businesses have been forced to find new ways to function. Let us take a look at what most Australian businesses are doing to survive in the second quarter of 2020
- Diversification of Business Offerings
Covid-19 has not been predictable at all. Some businesses that provided services that required their customers to be physically present have found ways to tap into other areas of their industry, to serve their customers, and still make some money. For example, people who run businesses like gyms and fitness centers cannot have their customers come in, so they have had to find alternatives, which include workout videos and fitness routine plans. That way, they can abide by Covid-19 rules and still reach out to their customers.
Businesses have now realized the importance of being involved in different aspects of their industry and have managed to find creative ways to reach their customers while staying safe and keeping their customers safe.
- Exploring Options Available Online
In today’s world, it is difficult to find a business that does not have an online presence. More important than having just an informative website, brands in Australia have found ways to monetise their services through their website. Since physical contact is not available, most orders and requests have to be done in an alternative process, and ordering from a website became easier.
The web designers and programmers have become sought after during this pandemic to create websites, online shops, and apps that will make order and sales of products easy and efficient. Acquiring a skill that makes you relevant on various online platforms is what is trending right now.
- Remote Work
Everyone is now working from home and still managing to get the job done. The post-covid-19 workforce will be different from anything we have ever known. Meetings and business dealings have been carried out seamlessly online through online platforms like zoom and skype. If children can receive their classes online, then all assignments can be finished online as well.
Even with companies that require staff to come in to get the job done, they find a way of preventing too many people from being at their physical location at the same time. Only functions that are impossible to be completed at home are being done physically and for a short while. A job that usually required 9 to 5 working hours now makes their workers come in for 3 to 5 hours. Some businesses are even recording more progress from their staff working from home than they did when they were all required to be physically present.
- The Rise of the Tech Guy
Everything is done on an online platform right now. Orders, requests, payments, and meetings. This is the wrong time for any companies’ online presence to be unstable. There is also the need for proper security of payment platforms to prevent breaches. If any of these were to happen, the company might lose funds and customers as well.
Companies are now needing efficient I.T personnel to make sure that all their online platforms and deliver without any glitches during crucial business deals and customers order and payment process. There has never been a better time to be an I.T or tech personnel as they have become incredibly sought after and can do their jobs. This is one of the areas that has experienced an increase due to covid-19.
- Online Payment Options
Everyone Is scared of getting the coronavirus, and one way to reduce the spread is by reducing the transfer of cash from one person to another. In this light, most Australians have been ordering things and paying for them online.
This has made business extremely difficult for companies that do not have a working online payment platform. People are trying to make as little contact with others as possible, and if your business does not make that possible, they move on to the next best option. That is why most Australian businesses have been working hard to improve every area of their online business platforms.
- Rebranding and Strategising
No one saw this pandemic coming, so nobody was prepared for it. After the initial shock of how easy it was to transfer the virus from one person to another and the shock of being locked in for a long time, businesses have begun to rebrand and restrategise, finding ways to offer services to their customers and keep making a profit. They are looking for ways to solve customer problems and come back into the market seamlessly after the coronavirus.
It has not been easy. Australian companies have had to use their marketing staff to come up with ways to please their customers during and after the pandemic. People have been indoors for so long, so it might not be easy for businesses to get back to normal after this pandemic. That is why they have been researching creative ways to succeed during and after the coronavirus.
Since the start of the coronavirus, everything about businesses in Australia has changed. It has affected all businesses, including tenants and schools alike. There has been an increase in the request for loans and a decrease in loan repayments. Companies have been forced to make cuts in staff and allowances to keep up with increasing bills and make a profit. This has increased the level of unemployment in the country, and it is still rising. The end of the pandemic will bring relief to Australians and businesses, it may take a little while for things to get back to normal, so we should always be ready for change.