Authored by Lindsay Brown, VP of APAC, GoTo.
Coming out of the brunt of a global pandemic, businesses have faced challenges that prompted swift, overnight changes. With the turmoil the world is facing with geopolitical tensions, economic downturns, and supply chain disruptions, businesses are hardly given a beat to catch their breath. Instead, they are faced with a new set of disruptions that warrant premeditated plans and prudent strategy. This is especially true for small businesses who have less resources than large enterprises to respond to challenges.
The statistics support this sentiment. A recent survey by GoTo and OnePoll found 79 per cent of Australian business owners believe a recession will occur in the next 6 months. Seventy per cent of businesses are feeling nervous, and in turn, looking to prepare for an economic downturn. A range of strategies are being implemented, with popular tactics including saving 3 months’ worth of profits, diversifying business cash flow, and consolidating technology. With economic uncertainties ahead, how are businesses meant to respond to challenges with resilience?
Well, we need to look at the glass half full. While surveys reflect uneasiness about economic headwinds and uncertain times ahead, they also give us reasons to feel optimistic about businesses’ ability to weather the storm. GoTo found 88 per cent of business leaders believe it is important to keep employees protected during economic downturns and 91 per cent believe ensuring the morale of employees remains high during economic downturns is critical. Eighty-five per cent of leaders stated they will do anything in their power to retain employees through a possible recession, demonstrating that businesses understand the importance of a strong workplace during the economic downturns. Such conditions create an environment conducive to retaining valued employees happy, who in turn, will make customers happy.
How do we then deal with the multitude of variables that impact the economy which inevitably affect the workforce? GoTo’s survey found that 56 per cent of business leaders felt Covid 19 has impacted the way employees now work and act in 2022. Meanwhile, 41 per cent cited inflation and the rising cost of living as the chief sources impacting employee choices with working. Furthermore, 20 per cent of business leaders believe the growing threat of cybersecurity has impacted work experiences. What actionable steps can we draw from these insights?
- An honest approach that prioritises employees’ well-being and inspires confidence: businesses that remain open and honest with employees during economic instability will reduce insecurity amongst staff.
- Ensuring organisational stability: Sixty-three per cent of business leaders believe that they have taken actions to become recession-proof, including creating business continuity plans (47%), having a product that is cost-effective to produce (46%), and improving employee morale (46%).
- Utilising the right technology: Eighty-four per cent of Australian business owners believe having high-functioning devices and software are vital for business continuity.
GoTo partnered with Frost & Sullivan on a webinar to find out how Anne Nalder, Founder and CEO of SBAA, Chandrakant Salunkhe, Chairman & MD at SME Chamber of India, Jess Allan, General Manager, Commercial Partnerships at Sydney FC are strategically leading their businesses and IT teams through uneasy times.
You can watch the webinar on-demand here.
By watching the webinar, you will get:
- Actionable insights from GoTo and Frost & Sullivan on how to lead your business and IT teams strategically through uneasy times.
- How to reduce the burden on IT while keeping your teams and customers happy.
- Ways to future-proof your business for the next great disruption.
- A glimpse into GoTo’s experience supporting business and IT leaders as they set themselves up for success.
As the Flexible Work Technology Partner of SBAA, GoTo is here to support small and medium businesses navigate upcoming economic upheavals by leveraging technology. In fact, they are giving SBAA members an exclusive offer of 25% OFF all GoTo products. Claim your 25% off here before offer ends!
