COVID

What businesses are doing to survive

 LOCKDOWN | DALE KHOURY

AS I write this article, I am well aware of the hardships faced by many individuals, families and businesses as Greater Sydney moves towards its ninth week of lockdown.

In many parts of our great State, employees have been stood down and businesses mothballed as owners come to terms with the challenges of running a business in the face of COVID-induced uncertainty.

Th e 2020 lockdown, in some ways proved to be the curtain raiser for this more extensive, harder lockdown.

But, if there are any silver linings to look for, the fact that businesses were forced to become more agile and more focussed in the fi rst lockdown can surely count as one.

In the segment of the market that I focus on (mid-market businesses across Sydney and Greater Western Sydney) I have seen a number of businesses deploy diff ering strategies and tactics to see them through these economic challenges.

Businesses in 2020 were focussed on employee wellbeing and safety, cash fl ow forecasting and negotiating with key stakeholders – landlords, suppliers and funders.

We also saw a radical increase of board involvement in business decisions – both to (probably) support CEOs navigate the uncharted waters, but also a measure of stronger corporate governance.

Th is lockdown is diff erent. Th e fi nancial pressures are exacerbated given there is no JobKeeper-like package (although smaller State and Federal packages are available to individuals and businesses) and the Delta infection rate remains stubbornly high despite very limited community interaction.

But, on the other side of the ledger there is a sense of familiarity about what lockdown means, how it feels and what we can expect from the economy when we emerge.

Th e rapid rebounding of many parts of the Australian economy aft er the pandemic’s fi rst wave has given businesses and business owners hope and to some extent, confi dence that while times are tough now, the Australian economy is resilient, and things will get bett er. It is for this reason that many business leaders are looking over the parapet and investing in innovation.

Th ere is a renewed focus on post-pandemic business strength. Th is more oft en than not is manifesting in doing things bett er – or innovation.

I recently gave a lecture to the MBA students at the Macquarie Graduate School of Management. Th is is something I have now done for a few years, and every year, the topic of innovation is raised – probably because it is such a well-known, but poorly understood concept.

Many people believe innovation necessitates the launch of a new product or service. Th is could be the case but true innovation moves beyond new products or services.

Ideo – the global design and innovation fi rm defi nes innovation simply as: “Th e ability to generate and execute new ideas”.

And therein lies a defi nition and a lesson for all of us. Innovation can result in the launch of something new but new ideas that are successfully executed also classify as innovation.

Putting the customer first

Businesses can innovate almost any aspect of their business or operating model. Th ink process innovation, price innovation, brand innovation – and the list goes on.

Th rough the challenges of the pandemic, I have been fortunate enough to both see clients innovate and help them design and implement innovations.

Recently, I have spent a lot of time working with the CEO and Executive Team at the Rawson Group (the business that builds Rawson and Th rive Homes).

“Building bett er, together” is the Rawson Group’s promise to the market and to deliver on this promise, the Rawson Group has innovated and continues to innovate across many aspects of its business.

As with many large organisations that deal with multiple stakeholders across their value chains, Rawson Group identifi ed several innovation opportunities to enhance customer excellence.

By putt ing the customer at the centre of their business, the Group CEO and Executive Team identifi ed a need to streamline the customer journey, reduce manual and internal processes and provide certainty and clarity of hand-off points to diff erent teams.

Fundamentally, these innovations were aimed at reducing complexity – and with that, increasing customer NPS and reducing cost to operate.

Is it working – early results are promising. Doug Phillips (Rawson’s General Manager for Sales & Marketing) says year to date sales are ahead of budget, double those of the prior year – and the organisation is winning market share too.

Th ere are many case studies like that of the Rawson Group. If I look across the projects I have delivered over the years, here are the key takeaways: • Organisational alignment greatly enhances the probability of successful innovation. But it should start at the top • There is value to be had by starting small – identify complex or convoluted processes and start from there. Bank the wins along the journey • Leverage existing, or consider investing in technology to drive efficiency and scale. Break the nexus between revenue growth and headcount growth • There are always innovation (or continuous improvement) opportunities – truly innovative companies consider innovation to be part of BAU

Dale Khoury is a partner at KPMG and leads its mid-market advisory practice in Parramatta. Dale’s areas of expertise are in strategy development and implementation, operational improvement, finance optimisation and governance. E: dkhoury@kpmg.com.au

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AUGUST 2021 Edition 124

BUSINESS | LIFESTYLE

OLYMPIC HEROS

Penrith’s whitewater chamopion, Jessica Fox in action.

Tribute to Western Sydney’s Tokyo Oympics top achievers

PENRITH’S whitewater champion Jessica Fox was the pick of Western Sydney’s athletic achievement achievements at the Tokyo Olympics. Jessica, who was born into Olympic royalty, added the elusive Gold Medal to her long list of achievements in her final event, the C1 canoe slalom. Jessica’s teammate at Whitewater Club Lucien Delfour finished eighth in his first Olympic final in the men’s k1 after recording a disappointing 17th at Rio 2016.

See inside.

INNER WEST LOCAL BUSINESS AWARDS SPECIAL FEATURE

ParramattA

ISSUE 13 | August 2021 | www.parramattatimes.com.au ISSUE 13 | August 2021 | www.parramattatimes.com.au

TIMES

Voice of Australia’s most progressive city Voice of Australia’s most progressive city

Women need more refuges

Seek peace in YOUR HEART

PARRAMATTA'S Local Hero of the Year, Rosemary Kariuki has urged men and wom-

en to “always seek peace in your heart” and called on governments to open more refuges for women, girls and children, escaping domestic violence. Speaking recently before a large audience at Granville Community Centre for the screening of Rosemary’s Way, a documentary film recounting how she gave hope to migrant women hurt and abused by their husbands or partners, Ms Kariuki said women in violent relationships should “walk away and just don’t come back.” Full story page 11.

Local hero: Rosemary Kariuki.

THIS EDITION

Penthouse living at Epping: 19

How to avoid the COVID kgs: 15

www.wexpo.com.au 23 SEPTEMBER 2021 Postponed to 2022, CLUB PARRAMATTA due to COVID restrictrions. Refer to website for details.

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TIMES NEW LOCAL

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Issue 5 | August 2021

THIS EDITION

Married 54 years, they spent their last minutes together: 5

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BWS has unveiled new outfits for its 9000 store team members nationally after

collaborating with three Australian designers. Team members will get to choose which artist’s designs to adorn their t-shirts as part of a wider revamp of BWS work wardrobes. “We want our team members to feel empowered and wear clothes that reflect their personality and style,” said BWS Managing Director Scott Davidson about the new initiative. Blacktown artist and designer Bianca Beers is an independent artist and designer specialising in digital illustration and was chosen as one of the three designers for the collaboration. More page 5.

Lockdown: we are here to help. Michelle Rowland: 15

Jessica lives up to her potential. Exclusive interview with Olympics star: 27

Kate's coffee invention proves a winner: 13

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