I learned this week a concept about how to look at the purpose of businesses during times of economic stress. When you sell a drill, you aren’t selling that item, but you are selling what this item accomplishes. Nobody wants a drill; they want the hole in the wall. When you look at your business and what you offer the question needs to be “What is your hole in the wall?” What does your business actually offer? By taking a step back and truly looking at your business model from such a unique and novel way, you might be able to create unique solutions that can make your business thrive in any situation. Are there ways to provide value to your customers that are not just the way you have always done it?
Some of the types of questions will be: do you sell the ambiance or experience of being in a physical setting or do you sell the food that you produce? Currently over 98% of food consumption services are in physical settings and only 2% is online/delivery. In the future that might be flipped with concepts like Cloud Kitchens taking off. Cloud Kitchens are businesses that do not have a store front or retail space but still has a product line and a well-known brand. This can ensure that the company is adaptable to disruptions in service and delivery which could be invaluable in a country that has a history of natural disasters on a regular basis.
We as a society are overly reliant on physical colocation of services in a hyper connected way that makes us more vulnerable to outbreaks like this in the future. Experts believe that we will have more situations like this, and the fear is that we are experiencing a dress rehearsal for something far more devastating. Any steps forward that we make now can only improve our futures and allow us to be more adaptive and truly resilient whatever is thrown at us.
All around us we are seeing examples of incredibly creative ways to keep business thriving whilst protecting our communities from this very real threat to lives. I think Australia in particular will be well adapted to this change as it is a country that prides itself on grit, determination and resilience. I truly feel this will ultimately be very similar to the other disasters it has faced but on a much larger scale with the entire globe being impacted at the same time. We will likely feel the repercussions of this for a generation or more. The things that are implemented during this time could be a beacon and lesson for the rest of the world to follow. I am incredibly proud and excited to be a part of the transformation and recovery, especially within my own local community. The faces of the business owners that I have gotten to know so well have shown the stress and strength during the most recent devastating fires but they also have the talent and fortitude to respond with force. I am personally committed to exploring every option, finding every advantage available and banding together in powerful partnerships with leaders and agencies to ensure that our businesses have the best possible chance of coming through this stronger than before.
During this inevitable total transformation in society and the future of business, we are experiencing new world effects and are trying to define what that will mean for all of us in real time. It’s exciting but also terrifying and I look forward to being on this journey with the incredible people I call our members and neighbours.
This is an opportunity that no one asked for, but I am hopeful that together we will answer the call.
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