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The business world has changed. We live in a time where a small business can cut through and compete with multinational corporate companies – if their value proposition aligns with customer demand at the right time. It’s never been easier to put a product in front of consumers, such has been the impact of the digitisation of business.
The new business world consequently requires new ways of thinking about how to operate a company. Business leaders can no longer solely focus on the numbers in relation to supply and demand.
In a global survey, services firm PwC asked over 1200 business and HR leaders in 79 countries to gauge the importance of 45 organisational capabilities. The list of capabilities respondents believe are key include:
- creating trust and transparency
- nurturing human skills
- valuing human-centric working
- wellbeing dominated.
The results also highlighted the importance of promoting adaptability and employability within the workforce.
And the capabilities that respondents rate as the most important – building trust, human skills, and well-being – are the ones where they are taking most action.
Meanwhile, leading recruitment firm Hays, says one in three (35 per cent) Australians are aware of the latest digital trends relevant to their job or industry, despite employers viewing regular upskilling as the norm for anyone who wants to remain employable in the Fourth Industrial Revolution.
That’s according to a survey conducted by Hays, which found that while 96 per cent of the 1253 professionals surveyed regard upskilling as “very important” or “important”, almost half (48 per cent) do so just once a year or less.
This is despite three-quarters (77 per cent) of the 951 employers Hays also surveyed admitting that they’re more likely to shortlist a candidate who upskills regularly.
The reason, according to Hays, is that people today work with technology that didn’t exist two or three years ago.
New ways of doing business
The Business Council of Australia (BCA) says technology is changing workplaces. Aussies now spend about half a day a week doing different tasks that make up their jobs than they did five years ago.
BCA says business is forecast to pay $96 billion of company tax this year, up from $86 billion the year before, representing one in every five dollars of total federal government revenue
These heady figures underline the importance of small-business owners needing to know how to effectively manage money, which is more than simply knowing how much is in the business piggy bank. Proper records, understanding financial legislation, and metrics, while adopting new technology, are prerequisites for understanding the financial state and cashflow of a business in today’s world.
Learn more about leadership attributes that will position your SMB for success in today’s business landscape.
