2020 has been the curve ball that no one expected to see, and we’re only halfway through the year! From what we’ve seen so far, I would say your guess is as good as mine for what’s in store for the second half of the year. This global pandemic caused by COVID-19 has dealt the Australian economy a cruel hand for most individuals and business owners. Although there is no handbook on how to deal with a global pandemic, it has been interesting and insightful to see the routes and pathways various businesses have taken.
Planning and strategy have always been key elements in business and this crazy and difficult time has been no exception to this rule. Businesses that already had strong planning and strategies in place, as a part of their regular operations, were better prepared for these disruptions than businesses that did not. Having the flexibility to be able to quickly pivot business direction has allowed some Australian businesses to not only survive in these conditions, but to thrive.
Companies that were prepared to use the downtime and leverage government incentives to work on their business during the COVID-19 restrictions, have seen positive impacts. By being on top of their administration and having their accounts up to date, their flexibility proved their resilience in this difficult season.