cash injections as part of the Federal Government
$112.5 million program. Lisa Ho received $200
000 worth of government subsidies, Bettina Liano
received $300 000 before going into voluntary
administration, and Ojay $20 000 before it also tipped
into administration. The question has to be asked
whether this money could have been channelled
better to stimulate innovation and renewal into
holistically reinventing companies from the inside
out. Beyond band-aid solutions and cash flow
subsidies, with $112.5 million in our pockets, we are
sure that we could renew an entire industry and in
turn creating new opportunities within the sector.
The industry is overregulated and struggling to
thrive under strict labour policies- any wonder many
businesses succumb to the pressures to move their
operations offshore. We are making it too difficult
to operate in Australia and remain competitive
with foreign brands. Firms have to complete BAS
quarterly, annual tax returns, provide superannuation
allocations, meet local council reporting needs, work
safe compliance, whilst meeting financial pressures
and the multitude of other idiosyncrasies in running
a business, including dealing with clients. How can
business owners run their businesses while being
tacked with so many different rules and regulations?
a number of companies that really understand the
essence of service and creating an experience for
consumers – a little retail entertainment. I love the
feeling of buying a $7 packet of coffee and made to
feel like I am buying a $3000 Chanel bag thanks to
the service experience.
Innovation isn’t just about quirky designs or new
trends. International players are not only being
innovative with fashion trends, but they are savvy
with the technology they use on the back end of
their business to track their inventory, so they know
what’s selling and what’s not, and retaining that data
on customers. Innovation needs to be examined, at
a much deeper level, to ensure it pervades across
every facet of the business. It’s about innovation of
how we manage people, innovation of life balance
into business; it’s about innovation of systems and
technology. It’s also about our recruitment strategy –
who we hire, how we hire, how we train and develop
these people.
Simon Scalzo, Leader for Retail at Audit, Tax and
Advisory firm, BDO, echoes this sentiment and
suggests a culture open to change drives innovation
and innovation leads to smarter business strategies.
By embracing change, and supporting innovation
through technology, systems and online marketing,
including social media, retailers can better compete
in an ever-challenging operating environment. A
crucial element in implementing or driving a change
orientation is intrinsically linking the change culture
to the firm’s overarching business strategy. This is a
must, reveals Simon.
On the storefront, we are facing a two-sided assault
thanks to a lack of retail buzz. Retailers dismiss
innovation, repetitively relying on cloned products
and marketing strategies yet expecting a different
result while the world around them is changing
rapidly. Bland products are flooding the market
propped up by minimal and unmotivated team
members on the shop floor with no incentive to Today embracing the benefits of technology both
connect with customers unless they make their on the front and back end of the business is key to a
way to the counter with an open wallet. There are successful outcome of the business strategy.