There has been a lot said about the inflationary impact of supply shortages of key materials and components across multiple industries and sectors. Most of the commentary is related to the inflationary impact and the affect this may have on interest rates that the RBA is steadfastly predicting to stay at historically low rates until 2024.

The research is clear – business owners who have a clear exit strategy are more likely to achieve long term value from their businesses, whether that be passing the business on to the next generation or selling when the time is right.

We have all been impacted by the unprecedented sequence of events that have transpired because of the COVID-19 pandemic. As devastating as the events have been there are windows of opportunity emerging for many businesses globally.

When facing a crisis, the first priority is to understand your current situation to re-establish your foundation, and then allow you to focus on how to move out of the crisis.

It is a human trait to complicate the relatively simple advice to “Follow the cash” which has been a useful guide in solving many business problems.

Regardless of whether you are a wholesaler, manufacturer, retailer, trades-person or service provider, without sales you are out of business. Some businesses like to think that the business just comes their way, that they never really have to sell. If that is you – change your thinking.

It is easy for us to forget that the most accurate research and data of all is direct customer feedback. It may be sometimes unpalatable and challenging but it needs to be sought out and issues addressed if a business is to succeed.

Direct marketing is just one aspect of integrated marketing communication which needs to be used appropriately as part of a sensible, clear communication strategy.

Pre COVID the only real growth in retail was ecommerce. The changes created by the virus have caused a sharp and permanent acceleration of this trend.

A successful business can only be a master in one of the three crucial areas available. You are either cost leaders, technology leaders or best in class at customer intimacy.

With online meetings to remain with us as a result of COVID-19 workplace changes and the current AGM season in full swing, it may be a good time to refresh on tips for conducting virtual meetings.

The road back was always going to be slower the road to the shutdown but there are troubling inconsistencies in how the road back is being managed by the States, Territories and New Zealand.