In a purely economic way consider these official statistics:
- NZ business with China accounts for over 1% of GDP in a 12 month period
- Tourism and Education alone accounts for a revue of $3.5 billion p.a.
- Tourists from China alone accounts for $2 billion p.a.
- China is the second largest provider of in bound tourists behind Australia.
Staying positive in the face of adversity
At times like this it is important to stay positive and to focus on adapting how we do business to allow for future situations where fast and wide ranging changes need to be made.
Businesses that are fast to respond to market or consumer changes in taste, needs, fashion etc. are usually the winners. Think:
- Fast changes to consumer demands in a certain area
- Fast response to the growth of social media
- Those in Christchurch who adjusted to the new normal after the earthquakes
What businesses need to have a look at includes;
- Planning – specifically Plan B
- Don’t have all your eggs in one basket – product, market, industry. Not always easy or practical to do.
- Flexible purchasing contracts
- Flexible contracts of employment – keep within the law
- Finance arrangements that allow for hiccups
- Also in house details like – a strong USP and a specific template to use when circumstances change fast.
P.S. This article is part of my Secrets of Success series, aimed at helping business owners and entrepreneurs with some of the key components of business success. The insights I wish I’d had at the start of my business career. I hope that by passing on these little gems of knowledge I can give you some support and help you along the pathway to growth and prosperity.