Three stage approach until July – understand the implications for your business
May 11, 2020
JULY CLIENT MIXER
How are you all? Well, we hope. In this issue, gain an understanding of the post-COVID business trends and the steps to a post COVID world. It feels like we are moving forward towards a new phase of the business world, a post COVID world. Do you feel the same? We’d love to hear from you about your own thoughts.
Thanks to the 30 or so clients who came along (via Zoom) to both the Marketing 101 webinar and the Book Slam session that Ellie ran last week. We will repeat the Marketing 101 again, as it was deemed so useful. Watch this space!
” It helped clarify and refine my marketing plan. Since lockdown have been in a bit of a business funk and needed a nudge to get things happening again. This was it! I have written piles of notes and TO DO lists which I will act upon. A general very big thanks – I appreciate the service that BGR provides. It nudges me in different directions and helps keep me on track. Plus gives me new ideas. It’s also helpful to know others are in the same boat. You come up with some good ideas and it gets my slightly foggy business brain firing again!!”
Finally, we were planning to return to the office in July and rather than have our client mixer in May, as we planned, we would like to combine this into a gathering (within guidelines) of our clients in July – we are aiming for the 30th JULY. SAVE THE DATE. We just wanted to give you a heads up of our plans. In addition, we will be announcing our new workshop series for July onwards at this client mixer.
Don’t forget, Build Grow Run is fully open and you can book an hour consultancy slot anytime.
See you on Zoom soon.
Ellie and Phil
📱Ellie – 0475 841 664
👊Phil – 0412 667 864
A RETURN TO A COVID SAFE AUSTRALIA
The National Cabinet outlined a three-step plan for a COVID safe Australia.
Step One – enables greater connection to family and friends. This can include:
- Five visitors at home
- Gatherings of up to 10 people.
- Some restaurants and cafes can begin reopening
- Libraries, community centres, playgrounds and boot camps open
- Local and regional travel
- Gatherings of up to 20 people
- It is likely to include more retailers being open, along with gyms, beauty parlours, cinemas, galleries, amusement parks and caravan and camping grounds and some interstate travel
- Enables gatherings of up to 100 people
- It will likely mean a return to work for most workers, a resumption of interstate travel and the opening of pubs and clubs, with some restrictions.
States will move through these steps at different times and make different decisions based on their local conditions. National Cabinet will review the steps every three weeks.
The aspiration is that in July, we will have moved through these steps.
Treasury estimates these steps could see around 850,000 jobs restored in the months ahead.
HOW TO GROW YOUR MINDSET
“If you believe somehow you’re set to a certain capability and level of accomplishment, then you’ll never achieve anything more. However, if you believe you can get better and do other things, that growth mindset will enable you to accomplish more.”
Guy Kawasaki, entrepreneur and The New York Times bestselling author of 13 books
FIXED MINDSET: Intelligence is FIXED (tends to sap your energy)
GROWTH MINDSET: Believes that Intelligence can be developed (belief in learning, practice, dedication, good mentoring)
The growth mindset is essential to you succeeding as an entrepreneur. You need to have the mentality that you can teach yourself to do anything, as long as you push yourself hard enough and try enough things.
People have both good and bad qualities and we are all a mixture of fixed and growth mindsets, each employed and more evident at different times.
Author of MINDSET: The Psychology of Success Doctor Carol Dweck explains, “Believing that your qualities are carved in stone—the fixed mindset—creates an urgency to prove yourself over and over. If you have only a certain amount of intelligence, a certain personality, a certain moral character—well, then you’d better prove that you have a healthy dose of them. It simply wouldn’t do to look or feel deficient in these most basic characteristics.”
On the other hand, we’ve all probably found ourselves motivated to improve on a certain skill, talent, or ability which exemplifies the growth mindset.
FOUR STEPS TO CHANGE OUR MINDSETS
✅ The first is to embrace your fixed or growth mindset. It’s important to acknowledge both so that you can begin to change.
✅ Identify what triggers the fixed mindset. Whether it’s challenges, distractions, problems, encounters, or something else, we must become aware of what gets this mindset going in the first place.
✅ Create a persona of this fixed mindset (and even name it if you want!), then understand how it affects us—our interactions, responses, and actions
✅ Educate this persona and work with it to bring about change
In a growth mindset most of the time?
In this mindset, the hand you’re dealt with is just the starting point for development. This growth mindset is based on the belief that your basic qualities are things you can cultivate through your efforts, your strategies, and help from others. Although people may differ in every which way—in their initial talents and aptitudes, interests, or temperaments—everyone can change and grow through application and experience.”
Because our mindset reflects how we interpret things, how we learn, what choices we make, what kind of persons we become, and which path we take in life, it’s important to take the proactive approach and cultivate the growth mindset.
Instead of focusing on labels and stereotypes, we can strive to learn and develop. Instead of being persons who blame, put down, and judge others, we can be the ones who teach, encourage, and empower others.
Look at the statements below… you can see how these statements reinforce each type of mindset. What kind of words do you use every day, can you amend them?
THREE POST COVID TRENDS
Corporate strategists are beginning to look to the post-COVID world to come. What they think they see are three existing trends:
1. Deglobalisation – effectively unpicking the business world that grew up in the 2000s
2. Data-Enabled Services – the infusion of data-enabled services into ever more aspects of life
3. The rise of the giant corporation – a consolidation of economic power into the hands of giant corporations—look likely to proceed at a faster rate than before
Optimists — and business folk tend to look on the bright side — see this acceleration as offering new possibilities for reinvention, even resurrection. Pessimists see inefficiencies and insularity weighing on profitability for many years to come.
Around the world, small and medium-sized firms are particularly exposed. In America, a survey published on April 3rd by MetLife, an insurer, and US Chamber of Commerce found that 54% of non-sole-proprietor firms with fewer than 500 employees were either closed or expected to close in coming weeks. It has been a similar story in China. As well as driving unemployment, this has systemic implications. The nimbler small businesses ones can play a role in supply chains that would be hard to duplicate. Aware of this, some big firms, such as Unilever, are attempting to buoy up suppliers by paying them more quickly.
But the acute stage of China’s COVID-19 crisis made it clear how essential China remains as a provider of inputs to such factories elsewhere in Asia and around the world. “What people thought was a global supply chain was a Chinese supply chain,” says Mr Mahindra. The quest for supply chains independent of Beijing needs to go further, and deeper.
You can see in this Blomberg chart those businesses doing well globally.
Joerg Wuttke, president of the EU Chamber of Commerce in China, says that if there is one lesson people are drawing from the pandemic in this regard it is that “single source is out and diversification is in.” In other words, companies do not just need suppliers outside of China. They need to build out their choice of suppliers, even if doing so raises costs and reduces efficiency. Mr Mahindra expects to see new demand for production in Vietnam, Myanmar and possibly, if it can grasp the opportunity, India.
And the range of the changes information technology makes possible will only increase: that is the essence of the second current of post-COVID acceleration. The growth of firms built on digital connections with and between hundreds of millions, or billions, of people, and which collect reams of cloud-based data in the process, was central to the bull market that met its end in February. That growth still has plenty of room to run.
Responding to COVID-19 has seen many people and companies realise that it had more to offer them than they had realised. Zoom, an online videoconferencing service, was serving 10m customers a day at the beginning of the year, most of them in business meetings. Now it is providing 200m people a day not just with meetings, but with Tai Chi classes and “quarantinis”.
Slack, which provides a medium by which far-flung colleagues can co-ordinate things, has become part of dinner-table conversation. It is not only young tech-companies, and tech companies that were previously mostly used by the young, that have prospered. Microsoft’s Teams product is gaining many converts. No one expects the amount of distance working ever again to be as low as it was before the virus hit.
How do these trends and single supplier diversification moves affect you and your business?
GET COVID SUPPORT TODAY
CORONAVIRUS BUSINESS SUPPORT – business.gov.au and ☎️ 13 28 46 ☎️
If your business has been affected by the coronavirus, AusIndustry have a team of dedicated customer representatives who can help on 13 28 46.
The dedicated team will be available to assist you with extended hours between 7am – 9pm across Australia, Monday to Sunday. Information about the support available to business can also be accessed at business.gov.au which is being continuously updated as new information becomes available.