According to Adelaide business advisory and accounting firm William Buck, the pandemic has set a fast pace marker for decision making across industry.
However as Business Advisory Director Matthew Illman explains, sustainable commercial success cannot be achieved by speed alone.
“There’s no doubt we’ve seen an acceleration in the rate of change since March last year right across the national and global business arena,” Illman said.
“We’ve seen it from international trade and domestic policy settings to customer, supplier and employee dynamics.
“This has required business leaders to become even more agile, creative and responsive. The danger lies in rushing or making knee-jerk decisions without a clear strategy in place.”
Illman, who has been on the judging panel of InDaily’s 40 Under 40 Awards since 2018, said one of the biggest changes facing young business leaders was balancing an often innate urge for disruption with the need for longer term planning.
“The model for customer and client interaction has been turned on its head, in some cases overnight,” he said.
“There are now more paths to selling your product or service. They may be entirely online or still involve a personal approach and some are far more lucrative than others.
“We’ve also seen a dramatic transformation in key trade relationships, which have impacted export markets, and at the same time the importance of local community connection has soared. Employers are also having to adjust to a more flexible workforce.
“While there is a need to act as promptly as possible to all of these changes, it must be done in an effective and sustainable way.
“Without a strategic approach, a business could be heading for a dead end.”
That strategic approach includes the help of an experienced business navigator.
“At William Buck we are working with a number of young business leaders on developing strategies that take into account the changing dynamics within their industries,” he said.
“While the specific challenges and opportunities may have changed, the fundamentals of good business remain.
“Customers, clients and suppliers will remain loyal if your relationship with them continues to meet their expectations.”
Matthew Illman is a Business Advisory Director with William Buck and is a judge for the 2021 InDaily 40 Under 40 Awards. The awards will be held on 10 June at the Adelaide Convention Centre. Tickets are available now.