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Australian businesses are facing an onslaught of international competitors vying for market share at the expense of local small businesses.
Technology has had a large impact on businesses, allowing for innovation with new advances or face being left behind with possible closure. The rise of the sharing economy such as Amazon, Uber and AirTasker has disrupted the traditional structure of businesses in terms of price, location and choice. To globalise your business and open your market, all businesses, small and large should have an E-commerce setup and rethink the size and purpose of their ‘brick and mortar’ formats. While this will require significant investments in IT, the returns will be recouped through increased sales and possibly greater margins.
Marketing personalisation using enhanced customer relationship management programs will assist in tailoring messages for your customers, using click segmentation to assist in retention and sales growth. As we move towards originality, the days of using stock images, generic electronic database emails and impersonal calls will no longer cut it. Consumers are looking for original and authentic content, particularly if your business operates solely online. Social media advertising presents a new way to connect with your audience in a timely and relevant manner which has reduced media spend in traditional outlets such as TV and PRINT.
The move to digital E-commerce poses risks and, as time goes by, the sophistication of IT hacks and attacks will become more prevalent. Customers are largely unforgiving of data breaches and so trust will be paramount in ensuring emails aren’t considered spam messages. According to Symantec, 5,000 spam messages are sent per person each year, meaning malware could infect unsuspecting users for bank information and personal details resulting in identity theft.
The modern workplace will also contribute to the way employers and employees interact with each other and the way they get on about doing their work. Businesses will become smarter in how they use workplace space to drive productivity, install new technology and improve motivation. While highly divisive, the evolving formats of “remote workplaces” is set to expand despite employees finding it more productive to be in a workplace environment.
One of the most important times of the year is the Federal Government Budget handed down every year in May. Following international policy trends and Australian Government initiatives businesses should keep an eye out on new policy decisions including asset write-off programs, discussion around lowering corporate tax rates and reducing State and Federal business red tape.
To hear more about these ideas or developments, the Australian Small Business Champions Conference is being held at The Star, Sydney between April 21-22, 2018.
It will connect Australia’s leading experts across various business sectors to share insights to help business “Grow, Shape & Plan” taking their small businesses to the next level.
For more information and special IdeaSpies pricing – click on the link below:
https://championsconference.com.au/register
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Marcus Gordon
