Are you to blame for coordination failure?
November 3, 2020
Welcome to November’s newsletter
In this issue:
- Industry news
- Latest workshop – RE-RUN Cybersecurity – this WEDS! sign up today!
- Business tip
- New clients and our advice snapshot
See you soon for your 1-hour advice session.
Don’t forget to follow us on social media.
Coordination Failure is to blame
“Because we’re all interconnected — through trade links, our employment links us to others, our purchases link us to others — that means that when other people start doing things differently, our situation changes, our expectations about what’s going to happen when we do something change,” explains Professor Gigi Foster from UNSW.
To put it another way, someone’s spending is another person’s income. When they cut back, that income falls. Then that person cuts back, and so it goes.
Many people cut back even if their income hasn’t fallen, just in case it might.
Beyond the lockdowns that forced much economic activity to stop, it’s a key reason why Australia’s now in its sharpest recession for 90 years.
“We can, as a society, spiral down into a low activity expected environment from what we were previously at, which was high activity expectations,” Professor Foster observes.
“And when we do that it becomes very hard to intervene somehow in that system and unilaterally get it to come back up.”
IS IT TOO EARLY TO PLAN?
We are already thinking about what to provide for you for 2021. To make sure you are receiving the best type of advice and support, let us know what you want to see more or less of. If we don’t hear back from enough people, we won’t run events next year. Things in the mixer currently:
- Confidence and skilling up skills for female entrepreneurs
- Repeat of Marketing 101 – stage 2
- How to understand your customer
Revenue and job growth suggest small businesses are getting back on track
The small-business sector experienced its fastest revenue growth in six months in September. The latest Xero Small Business Insights also reports an increase in the number of jobs in the sector – this metric had been static for the two previous months.
Got $50? – spend it to help small businesses
Households spending an extra $50 a week buying Australian-made goods would deliver a $30 billion boost to fuel the nation’s COVID-19 recovery and create tens of thousands of jobs.
Economists say diverting some to local products has positive flow-on impacts.
One potential source is the $32 billion Aussies spent on overseas holidays in 2019, before border closures stopped this spending in 2020.
NEW CLIENT UPDATE
Our new clients…
A marriage celebrant.. an interior designer with recycled, sustainable and innovative ideas, a fashion designer who wants to change fashion and bring it into the 21st century, a company that creates the best eclairs in the bay and an entrepreneur for the allied health industry. As well as an executive coach for the not for profit sector. Phew… that’s a lot of diverse sectors.
Cybersecurity awareness training
RE-RUN BECAUSE OF TECHNICAL ISSUES
Date: 4 November
Time: 9.45 am for 10 am start to 12noon
Location: Zoom webinar
Business owners are not only responsible for their customer’s data but also must navigate the ever-changing digital landscape whilst trying to run everyday business requirements. This does not have to be a painful process. Effective cybersecurity awareness knowledge is the foundation for protecting your digital data.
Keeping up to date with your technology and technology knowledge is one of the most effective ways to keep you and your customer data safe when engaging in cyberspace.
You will learn cybersecurity strategies that can be immediately implemented into your existing business processes and business culture.
Cybersecurity – Big Picture Overview
Understand the digital business activity arena and how we are positioned in it, both as individuals and business leaders.
- What is Cyberspace
- Geopolitics of Cyberspace
- Types of cyber malicious activity
- Vulnerabilities and Attacks
Mitigation strategies – how to protect your business
- How cybercrime can affect your organisation;
- Small business cyber threats and risk;
- What to do in a cyber emergency;
- How to protect your valuable data;
- Governance and compliance requirements;
- How to create and keep a safe data environment; and
The empowerment of being in control of your organisation’s data and technology security.
Other Workshops and Events
NORTEC have a range of workshops this month, Facebook Business for beginners, creating visual content with Canva and how to grow your Shopify store.
Business Connect and BEC Lots of things to get to grip with….Secrets of Storytelling that sizzle, Top 10 tips to streamline you Business and Simplify your Business Marketing Process – all free!
NEIS – Exploring Being My Own Boss – To find out if being your own boss is suitable for you, NEIS are running these workshops to give you the chance to explore opportunities to start your own business.
FAST INSIGHT FACTS
Business Tip of the Month
Learning from past Mistakes with Reflection?
Human beings exhibit an astonishing array of strengths and abilities. To become really good or even “gifted” requires that we spend considerable time developing our innate talents, strengths and abilities. Individuals attain exceptionally high levels of performance because they may have had innate talents in certain areas as children and they worked very hard for several years to attain mastery. The main point is that hard work, not just natural abilities or high IQ, often determine a person’s ultimate success and level of expertise in a particular domain.
The real question is: where do we start? To answer that question, you first need to assess where you are today. You may do this by using a tool to assess your multiple intelligences.
In addition to expanding your natural strengths and abilities, all 21st-century professionals should add these four essential creative skills to their repertoire:
- improvisation (make effective real-time decisions in new and complex situations),
- design thinking (envision and construct),
- experimentation (design a process that yields sufficient information) and
- aesthetic awareness (discriminate between various sensory inputs, recognize the feelings and thoughts invoked).