For many business owners around the world, the pandemic proved to be a “Great Reset”. The realm of business was devastatingly affected.
Best defined by Professor Klaus Schwab, the founder of the World Economic Forum: The pandemic was a rare but narrow window of opportunity to reflect, reimagine, and reset our world.”
This held true for business owners in Australia, as they struggled to cope with the changing tides. From large corporations to small businesses, the Great Reset proved to be an equalizer that showed no business is safe from the toll of major change.
In this article, we will share 3 lessons from renowned AU business tycoon Grant Kelly that are tailor-made for businessmen that are still dealing with recovering Australian businesses three years after the pandemic.
If you are a businessman struggling to get your business back on its feet after the global economic crisis due to the rampant COVID-19 virus, this is a read for you.
Lesson No. 1: Accept the things you can’t change.
Businesses had to make difficult decisions over the course of the pandemic. Letting people go to manage operational costs, balancing values to keep the business afloat, and raising prices to make up for lost sales had been normal challenges during those trying times.
It’s possible that these choices left irreversible effects on the lives of the people involved. It is important to make peace with the fact that the best decisions were made at the time, and that some losses are deemed to happen. Doing so helps recover your business mindset moving forward.
Lesson #2: Identify goals.
The key to a lasting recovery is to identify the goals that your company needs to meet. Consider consulting with your trusted managers or team leads on the current status of the company. Having a meeting on your internal statistics for the last three years can help you create comprehensive solutions. These figures will help identify actionable time-specific goals for the company.
Noticed immense attrition after the initial layoffs? Review existing HR policies. Is remote work a preferred and practical option? Consider a hybrid setup. Are medical leave policies satisfactory to personnel? Conduct a survey.
These things may need to be reviewed especially in a post-pandemic world, as they can easily become a reason for employees to leave in search of a more compassionate workplace.
Lesson #3: Focus on Long-Term Solutions
When making decisions under pressure, it can feel tempting to slap on any solution that can mitigate the losses. However, hasty band-aid solutions can be proven even more costly.
Put the statistics and goals you determined through the previous lesson to good use by using them to formulate effective, long-term solutions. Gather with your team to come up with a timeline for your projects and consider the steps you need to implement them.
These three lessons from Grant Kelly may seem deceptively simple, but they will create a lasting impact on the strategy of your company as it recovers. Lead the charge for your company today and get your business back on its feet.
