Australians all, let us rejoice.
The Federal government elections are over. It’s time to move on. However, there were telling lessons that should have been learned, and must be remembered. In the first instance, the overall economy slowed during the five weeks of campaigning, compounded by the Easter holidays and Anzac Day long weekend. There is little reason to believe or expect that the economy will rebound, and lost revenues will be recovered. Most opportunities which did or could have arisen during the period have been forsaken.
Business incomes were generally curtailed, cashflows contracted, inventory movements decelerated and above all, the minds of people and the many channels and platforms of media were contaminated and cluttered. The political party advertising was repetitive and largely unimaginative. Significantly, the electorate at large was not turning on to the politics and the consuming public was being turned off.
HOPE SURVIVES
All is not lost. The motivation drive and momentum will be dependent upon individual thoughts and actions. Stimulating and generating such will be the challenge for all businesses, entities and governments. Inclusion of the latter identity is a sad reflection on the omnipotence and importance of the public sector in the prevailing economy. Creeping socialism.
OVER THE HORIZON
Beyond national borders the world bore witness to the USA-based “Liberation Day”, the introduction of the increases in trading tariffs of up to 145%, while the Russian-Ukraine war ground on and the conflict in Gaza flared repeatedly.
National share-market indices at first “dived”, followed by periods of fluctuating and partial recoveries.
All the while public, but subdued announcements were made about significant staff-member reductions and the relocation and establishment of new and replacement manufacturing plants - but not necessarily in the USA.
India, Cambodia and other small Asian countries were the prime beneficiaries.
STOP. THINK
Business leaders, exporters and importers were made to think. In the absence of established precedents it was, is and will be difficult to accurately forecast what the immediate, intermediate and longer-term futures hold for us, individually and collectively.
Whilst well short and divergent of the “groupthink” process the prevailing marketplace fundamentals and mindsets are ripe to expect more of the same.
It will be ambitious, and hopeful at best to anticipate substantial change from Australian governments. The burgeoning debt should occupy the minds of ministers, advisors and bureaucrats for some time. The figure one trillion dollars should be more imposing and intimidating than the need for first time home buyers to save a $160,000 deposit and accept mortgages of around $600,000 to contemplate acquisition of a detached dwelling in metropolitan Australia.
The interest rates of 17, 18 and 19% paid by then young post-war baby boomers become inconsequential.
THINK DIFFERENT
The need exists to overcome widespread loss of momentum, timidity to risk, finance lending constraints, rampant price discounting by competitors and substitutes increasing entry into the retail marketplace by manufacturers, suppliers, distributors and wholesalers, and the tempering of capital infrastructure expeditions by all levels of government.
Routines need to be broken. Traditions should be finessed. Questioning and new ideas must be encouraged. Successes have to be recognised, celebrated and rewarded.
Shattering the rules and recalibrating conventions are two agenda items for future business development meetings, deliberations and workshops.
SIMPLIFY EVERYTHING
To re-energise the marketplace an initial step in an overwhelming majority of instances should be to simplify every aspect of the business.
That includes the front-end issues of access, convenience, communications, ordering, purchasing, service and maintenance.
Back-of-house aspects like supply chains, fulfilment centres, inventories, dispatch, deliveries and packaging all need attention and possible rationalisation. Much work has already been done in these areas, in pursuit of attaining and sustaining greater efficiencies and lowering costs.
Advertising, marketing, merchandising and promotions cannot be overlooked. Their nature and applications need to be simplified, integrated and further considerations to be given on how best the content can and will profile the entity, products and services, educate prospective and existing customers on how the simplification in every phase of the operations will benefit all.
Each and every element must be reviewed, evaluated and possibly improved by determining how it will simplify all other dimensions. Interdependence is imperative.
It is a captivating and alluring proposition that projects appeal, satisfaction and value.
Let me return to the book, “The Jindalee Factor”, which profiled and analysed leading Australian entrepreneurs. Many concepts, ideas and principles were shared.
The concluding statement was, in essence:
“Business is simple, but never easy”
That’s all it takes. Simple. Now let’s move on, expect but not accept that there will be more of the same in the immediate future.
It’s up to the individual to create, share, capitalise upon and profit from differentiation centred on simplification.
Barry Urquhart
Business Strategist
Marketing Focus
M: 041 983 5555
E: Urquhart@marketingfocus.net.au