{"id":22645,"date":"2020-11-05T17:34:25","date_gmt":"2020-11-05T09:34:25","guid":{"rendered":"https:\/\/www.crazydomains.com\/learn\/?post_type=thought-leadership&p=20010"},"modified":"2021-01-19T09:28:47","modified_gmt":"2021-01-19T01:28:47","slug":"wins-losses-australian-startups","status":"publish","type":"thought-leadership","link":"https:\/\/www.crazydomains.ph\/learn\/thought-leadership\/wins-losses-australian-startups\/","title":{"rendered":"Wins and Losses of Australian Business Startups in 2020"},"content":{"rendered":"

2020<\/span>\u00a0<\/span>has brought<\/span>\u00a0<\/span>defining moments and unexpected shifts in society.\u00a0<\/span>\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

The coronavirus outbreak, in particular, has<\/span>\u00a0<\/span>negatively impacted economies around the world \u2013 and Australia is no exception<\/span>.\u00a0<\/span>So,<\/span>\u00a0as we\u00a0<\/span>enter<\/span>\u00a0the next phase<\/span>, we focus our attention on how to move forward.\u00a0<\/span>\u00a0<\/span><\/p>\n

For startups and growing businesses, COVID-19 has had varying impacts.\u00a0<\/span>It\u2019s sometimes seen as a<\/span>\u00a0disruptor, while<\/span>\u00a0viewed as<\/span>\u00a0an opportunity for others.\u00a0<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

This study<\/span>\u00a0\u2013 published in partnership with\u00a0<\/span>GrowthOps<\/span>\u00a0<\/span>\u2014<\/span>\u00a0tak<\/span>e<\/span>s<\/span>\u00a0a\u00a0<\/span>look\u00a0<\/span>at\u00a0<\/span>the impact th<\/span>e year<\/span>\u00a0has brought\u00a0<\/span>on<\/span>\u00a0Australia<\/span>\u2019s<\/span>\u00a0s<\/span>tartups<\/span>.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

We\u2019ve leveraged\u00a0<\/span>over 200\u00a0<\/span>business owners and budding entrepreneurs to discover the factors behind their major wins and\u00a0<\/span>losses<\/span>\u00a0for 2020<\/span>.\u00a0<\/span>You\u2019ll also\u00a0<\/span>learn about emerging trends and how tethering to technology\u00a0<\/span>can help with brand building amidst challenging landscapes.<\/span>\u00a0<\/span><\/p>\n

COVID-19\u2019s Impact on the Australian Business Ecosystem<\/span><\/b>\u00a0<\/span><\/h3>\n

Despite the Australian economic downturn, things are not all doom and gloom.\u00a0<\/span>Almost 40%<\/span>\u00a0<\/span>of Australian business owners expressed confidence in the next 2-3 years, anticipating steady or rapid growth.<\/span>\u00a0<\/span><\/p>\n

 <\/p>\n

\"Australian<\/p>\n

 <\/p>\n

This is an excellent sign for the future of Australia. Further, over 60% of Aussie businesses have a positive outlook on their business<\/span><\/span>\u2019<\/span><\/span><\/span>\u00a0current state.<\/span><\/span>\u00a0<\/span><\/p>\n

\"Australian<\/p>\n

 <\/p>\n

 <\/p>\n

Business sentiment is a vital predictor of economic health. Though the effects of the pandemic continue, Australians are confident that there is light at the end of the tunnel.<\/span><\/span>\u00a0<\/span><\/p>\n

The Shared Ingredients For Success Among Aussie Startups<\/span><\/span>\u00a0<\/span><\/span>\u00a0<\/span><\/h3>\n

In a world turned upside down by COVID-19, many Aussie businesses are still thriving. They\u2019ve relied on their core strengths while adapting to the new ecosystem.<\/span>\u00a0<\/span><\/p>\n

Here is a selection of coronavirus business insights shared by thriving Australian businesses:<\/span><\/p>\n

1. COVID or Not, Firms\u2019 <\/span>Unique <\/span>Selling Proposition (USP) Remains Vital<\/span>\u00a0<\/span><\/h3>\n

If you want a shot at surviving, especially in a competitive industry, you need to det<\/span><\/i>ermine what sets you<\/span><\/i>\u00a0apart from the other available options. Clever marketing or exciting technology alone won\u2019t guarantee that your target customers will be wowed by what your offering \u2014 you have to\u00a0<\/span><\/i>offer<\/span><\/i>\u00a0real value and\/or new experience <\/span><\/i><\/p>\n

–<\/span><\/i>\u00a0Survey Respondent\u00a0<\/span>\u00a0<\/span><\/p><\/blockquote>\n

These days, competition is fierce, no matter what niche you\u2019re in. With online shopping, customers are overwhelmed with the choices in front of them. People want to quickly understand what distinguishes one product or brand from another.\u00a0<\/span>\u00a0<\/span><\/p>\n

We found that brand positioning and product offering remains a key indicator of success. Now, of course, the stakes are higher. With small margins for error, these firms have done an excellent job marketing their unique selling proposition.<\/span>\u00a0<\/span><\/p>\n

In doing so, they’ve grown brand loyalty and retained customers. They’ve also taken advantage of word-of-mouth advertising. This has passively and effectively extended their brand image across online and offline channels.<\/span><\/p>\n

2. Staff That Goes Above and Beyond<\/h3>\n

With my previous experience and the support of great staff, [our business] does very\u00a0<\/span><\/i>well<\/span><\/i>.\u00a0<\/span><\/i>\u00a0<\/span><\/p>\n

–<\/span><\/i>\u00a0Survey Respondent\u00a0<\/span>\u00a0<\/span><\/p><\/blockquote>\n

The customer journey is complex. It doesn’t matter whether you operate a brick and mortar or an eCommerce store. Your staff has a massive impact on how your customers experience your products and brand.<\/span>\u00a0<\/span><\/p>\n

During the pandemic, staff members have more than just endured. They\u2019ve shown just how creative and vital they can be towards all aspects of business operations.<\/span>\u00a0<\/span><\/p>\n

Whether it be physically or digitally, they demonstrated flexibility and leadership. They have also negotiated complex issues and consumer requests\u00a0 far outside traditional expectations.\u00a0 This is particularly true in areas of product safety and public health.\u00a0<\/span>\u00a0<\/span><\/p>\n

Further, staff members have helped firms transform offline into online delivery. They’ve often created the new digital channels themselves. Likewise, they’ve led internal transformations to promote efficiency within the company itself.<\/span>\u00a0<\/span><\/p>\n

Businesses should rethink the structure of their\u00a0<\/span>organisations<\/span>\u00a0to reward these key players. Above all, they should be willing to break traditional hierarchies. Now’s the time to match the right talent to the challenges in front of them.<\/span><\/p>\n

RECOMMENDED: 5 Remote Jobs to Get You Going Post-COVID-19<\/a><\/strong><\/p>\n

3. Capturing The Demand For Digital Delivery<\/h3>\n

[Our digital channels have created new] Regular customers [that] provide us word of mouth\u00a0<\/span><\/i>advertising<\/span><\/i>\u00a0[sustainable revenue]<\/span><\/i>\u00a0<\/span><\/p>\n

–<\/span><\/i>\u00a0Survey Respondent\u00a0<\/span>\u00a0<\/span><\/p><\/blockquote>\n

It doesn\u2019t matter whether it\u2019s in the middle of a pandemic or an economic boom. Product demand is the lifeblood all businesses need pumping through them. <\/span>\u00a0<\/span><\/p>\n

Despite Australia\u2019s economic downturn, online shopping continues to make strides. There are now entirely new sets of online customers who have permanently shifted to shopping from home.<\/span>\u00a0<\/span><\/p>\n

Digital-first or quick adopters of eCommerce delivery firms have gained the most ground. But even companies that cannot 100% deliver digital have also benefited.<\/span>\u00a0<\/span><\/p>\n

The floodgates are open. Pandemic or not, this is what people want. Where possible, firms must embrace contactless and convenient channels for consumers.<\/span>\u00a0<\/span><\/p>\n

RECOMMENDED: How Restaurants and Cafes Can Bounce Back After COVID-19<\/a><\/strong><\/p>\n

4. The Financial Acumen to Navigate Unpredictable Times<\/span>\u00a0<\/span><\/h3>\n

We experience stability and success [thanks to] good cash flow, reliable employees and helpful accountants and <\/span><\/i>advisors<\/span><\/i>.\u00a0<\/span><\/i>\u00a0<\/span><\/p>\n

–<\/span><\/i>\u00a0Survey Respondent<\/span>\u00a0<\/span><\/p><\/blockquote>\n

All SMEs have to be financially resourceful. They have limited resources and often are extraordinarily dependent on positive cash flow.\u00a0<\/span>\u00a0<\/span><\/p>\n

Businesses have been advised to have three to six months of cash assets available. This, of course, represents the ideal and not the norm.\u00a0 As COVID-19 continues, even companies with extensive savings are feeling squeezed.<\/span>\u00a0<\/span><\/p>\n

SMEs have had to be more than resourceful over the last few months. They\u2019ve had to find ways to maintain revenue.\u00a0 SMEs also flexibly manage it so they can survive should economic conditions deteriorate.<\/span>\u00a0<\/span><\/p>\n

The quote above from our survey participant is the most illustrative. Having the right financial resources and skills doesn\u2019t come through one individual (such as the proprietor or CFO).\u00a0 It takes a holistic team effort.<\/span><\/p>\n

RECOMMENDED: How to Protect Your Business From COVID-19 Cyberattacks and Scams<\/a><\/strong><\/p>\n

5. Generating Sales Despite\/Thanks to COVID-19<\/h3>\n

Great demand from the clients [created by]\u00a0<\/span><\/i>because of\u00a0\u00a0<\/span><\/i>the coronavirus<\/span><\/i>\u00a0[has been vital to our growth]<\/span><\/i>\u00a0<\/span><\/p>\n

– Survey Respondent<\/span>\u00a0<\/span><\/p><\/blockquote>\n

Not everyone who benefited from COVID-19 is a surgical mask or hand\u00a0<\/span>sanitiser<\/span>\u00a0manufacturer. Many businesses pivoted quickly and maintained sales even as the world locked down.<\/span>\u00a0<\/span><\/p>\n

Businesses that leverage technology to stay connected have done well. Technological resources have proven to be the most important factor for success during the pandemic.<\/span>\u00a0<\/span><\/p>\n

\"Technology<\/p>\n

 <\/p>\n

Firms, now more than ever, need to\u00a0<\/span>prioritise<\/span>\u00a0revenue opportunities. Recovering revenue is especially essential for those companies that lost business during Q2 2020.<\/span>\u00a0<\/span><\/p>\n

Successful strategies include<\/span><\/b>:\u00a0<\/span>\u00a0<\/span><\/p>\n