#004 Brooke HillOctober 15, 2019
#008 Lexxie CouperSeptember 22, 2020
Episode #007 with Aaron Jupp & Jaye Mankelow
Introduction of Guests:
Jaye and Aaron, professionals from the accounting and finance sector, discuss the impact of the COVID-19 pandemic on businesses, especially the challenges and adaptability small businesses face.
10 Talking Points:
- Current Business Stress (Timestamp: 00:01:15): The pandemic has introduced unprecedented stress within the business community.
- Decade's Economic Stability (Timestamp: 00:02:30): The past ten years have seen relative stability, unlike the current pandemic-induced economic challenges.
- Second Wave Concerns (Timestamp: 00:03:45): Businesses are using regions like Victoria as a guide to navigate the resurgence of COVID-19 cases.
- Adapting to New Norms (Timestamp: 00:05:00): Many businesses have showcased adaptability, with restaurants moving online and the medical field embracing telehealth.
- Telehealth's Future (Timestamp: 00:06:15): Telehealth is predicted to become a mainstay in the medical profession.
- Digital Transition Post-Pandemic (Timestamp: 00:07:30): There's speculation on whether the shift to digital platforms will remain post-pandemic.
- Workplace Efficiency 08:45: The balance between remote work and in-office collaboration.
- Human Connection in Business 10:00: Despite technological advancements, the irreplaceability of face-to-face interactions.
- Business Adaptability 11:15 The pandemic has forced businesses to re-evaluate and adapt their strategies.
- Impact on Local Economy 12:30 The local economy's potential recovery and the role of finance and property.
The Unprecedented Business Landscape:
The pandemic has thrust businesses into uncharted waters. Jaye and Aaron highlight the palpable stress within the business community, emphasising that many are navigating challenges they've never faced before. However, amidst the uncertainty, there's a silver lining. Aaron mentions, "A lot of people are adapting to the new situation," indicating a sense of resilience and adaptability among business owners.
Reflecting on the Past Decade
The last ten years have been relatively stable for businesses, especially with the current economic turmoil. Jaye points out that even during the Global Financial Crisis, local businesses were shielded due to factors like mining and stable gold prices. The current situation, however, is compelling businesses to introspect and innovate, leading to growth and evolution among business owners.
Navigating the Second Wave: With the resurgence of COVID-19 cases, businesses are on high alert. Aaron suggests looking at Victoria, which faced significant lockdowns, as a potential guide to navigate the uncertain future. Businesses are now doubling down on fundamentals, with Jaye emphasising the importance of "cash flow projections" and "forecasts" in this new economic environment.
Embracing the Digital Shift: The pandemic has accelerated many businesses' digital transformation. Restaurants have swiftly set up e-commerce systems, and the medical profession has seen a surge in telehealth consultations. However, there needs to be more clarity about the permanence of these changes. As Jaye puts it, "People revert to what they know," suggesting that while digital platforms offer convenience, the traditional ways of doing business might still hold sway for many.
The Essence of Human Interaction
Despite the convenience of remote work, there's a unanimous agreement on the irreplaceability of human interaction in a professional setting. Aaron stresses the importance of "one-on-one collaboration" and the vibrancy an office environment offers. Jaye echoes this sentiment, stating, "The human contact is always going to be here," emphasising the intrinsic human need for connection and collaboration.