Adapting to change will fuel business success
BUSINESSES need to get back to basics and learn to adapt to the changing global environment because they can't change it.
That was the message from ANZ's senior analysts and case study business Walz Group at the Gladstone Engineering Alliance industry update on Tuesday.
The region may be nearing the end of the gas construction boom, but GEA members have still taken on more than $317 million in contracts over the past 12 months for businesses including Gladstone Area Water Board, Gladstone Regional Council and the Curtis Island LNG proponents.
GEA general manager Carli Hobbs said businesses needed to get back to basics.
"You'd assume every business owner knows their bottom line but it's surprising how often they don't," she said.
ANZ senior economist Justin Fabo said the global backdrop was important for small businesses to understand.
"The macro-picture in Queensland, well the infrastructure investment is wait and see," he said.
"The projects pipeline is shrinking."
Kate O'Donohue from Tutt Bryant Hire said the workshop cemented what was already known.
"Gladstone has come out of its boom and levelled off, but there is light at the end of the tunnel," she said.
Dale Ware from Ray White Real Estate said business was all about reinvention.
"The main thing is you constantly have to change your business because what works today might not work next year," he said.
- Give compelling and relevant service
- Partner with like-minded services to offer more solutions
- Maintain diversity
- Never avoid making a decision because the consequences may be unsavoury - employees deserve respect