“Whether you think you can, or think you can’t — you’re right.”
~ Henry Ford, Founder Ford Motor Company
Phew...Glad that's over!!! What a ride!! What an extraordinary life experience in so many ways..and many of us started with the bushfires as a bonus extra traumatic experience to learn from....
In every situation, our mindset plays a powerful role in either succumbing to, or conquering life's challenges. 2020 might be the most unexpected and “craziest” year to date, but there is no reason not rise above it and continue to not just survive, but thrive.
Here's some inspiring statistics: With all that’s happened this year, different studies were conducted to dig deep into how businesses were coping from the effects of the imposed restrictions. Surprisingly, the surveys showed positive results when it comes to business recovery. Business owners have remained confident and learnt to go along with the tide. They are looking forward to brighter, better, and bigger opportunities in the near future.
Based on the GoDaddy Global Entrepreneurship Survey (Sept 2020), 82% of Australian SMBs are optimistic that they will recover within 12 months. And one of the factors that contributed to the optimism of the Australian entrepreneurs is the effective and efficient actions of the government in combating the virus.
11% of existing businesses surveyed by GoDaddy experienced growth, and 54% of entrepreneurs surveyed actually chose to start a business during the crisis. Compared to the nine other countries in the survey including the US, UK, Canada, and Germany, collectively the development of new ventures was a significantly lower 16%. Close to half of the Australian SME's surveyed expect their businesses to grow in the next 3-5 years...close to double the international sentiment.
In addition, the financial assistance packages are also a huge factor in surviving the crisis. So, if you’re one of the fortunate recipients, make sure that you’ve created a strategic plan on how to use the money wisely. Invest in what you think is essential and will bring turnover and growth to your business.
Now more than ever is the time to learn to adapt and become strategic. With a little creativity, opportunities are limitless and with the help of digital technology, upgrading your online presence might be the transition you need for your business.
The GoDaddy survey shows that 31% of businesses with websites are confident of strong growth, compared to just 23% of businesses without a website. It’s evident that with all the restrictions we’ve experienced, consumers now heavily rely on websites when it comes to accessing their needs and wants. If you thought a website was beneficial before, it's now essential.
Make sure you've done your research on the available online platforms to become more visible to your target audience. Take advantage of social media, Google My Business, and your website updates and upgrades. Seriously consider installing an online store and/or booking system. Develop a marketing strategy. Don’t hesitate to ask for help from technology experts and business coaches if you’re feeling lost and clueless on what to do.
2020 also taught us to be more resourceful and innovative. The massive growth of online shopping caused by lockdowns and isolation has educated people on the ease and simplicity of purchasing this way. Many traditional stores have successfully jumped on the eCommerce train and are not looking back!
A diverse range of industries managed to survive because they were fast to pivot into selling online - and not just existing business owners - many new entrepreneurs who lost their jobs found their way into the world of online business. Fun fact is that for some people, their hobby became their bread and butter.
Millennials seem to be rising to the occasion here more-so than the baby boomers with the younger ones being twice as likely to merchandise products and services online...especially on social media. Overall worldwide, 80% of survey participants believe that online technology is either necessary or absolutely essential in maintaining business growth after the crisis.
Rise and shine! We've all experienced a lot more bumps in the road than usual this year, but surviving 2020 is not that hard to achieve. It's all about mindset...just take it one step at a time, breathe, plan, strategise, and be creative and flexible for the sake of your business.
References and more interesting stats:
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