So you woke up last week and found that what was arguably the most business friendly government in living memory was gone. You may even have thought the sky was going to fall in. It might, or it might not. It almost doesn’t matter, if you know what you must do.
Yes all boats float on a rising tide, but the boats that move to deeper waters will avoid running aground if the tide turns. Whenever there is a change of government, some of the rules always change. Some for the better, and some for the worse. However, as long as they are the same rules for everyone, even a change for the worse can be an advantage.
In any business environment, each business must continually fight to attain and keep its position in its marketplace. You need to continually justify your value to your customers, and that they should continue to use your products and services rather than those of your competitors.
You should continually look at your offer, your prices and your costs. If there is a change of government, how will the changes they have proposed impact on your business? Will it affect your costs or your productivity? What can you do to reduce the impact on your business? If you can put in place a plan to be ready for these impacts, which might mean you change the way you operate, when the changes finally become evident, and the tide is turning, you will be safe in deeper water whilst most of your competitors spend all their time waiting for someone to bail them out when they hit the exposed rocks. You will have turned a potential negative into a competitive advantage.
The business environment is changing all the time. It could be due to technology, the drought, interest rates or a hundred other things ranging from global to local. While government policy changes are important, they are just one of many changes. A good business manager will be constantly surveying their environment for both the threats and opportunities. Funnily enough, the threats are also often the opportunities.
May Your Business be as You Plan It!
Dr Greg Chapman
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Dr Greg Chapman is the Director of Empower Business Solutions and The Australian Business Coaching Club and is Australia's Leading Advisor on Emerging Businesses and provides Coaching and Consulting advice to Australian Small Business Owners in Marketing & Business Strategies Planning & Systems.
The Australian Small Business Blog