When Australia finally emerges into a post-COVID world in the next 12 months, the opportunities for rapid growth will never be better, management consultant firm McKinsey & Company argues.
However, it warns that it’ll only happen for those with the right mindset and tools to overhaul their businesses. In an analysis of ASX 100 companies, it found 80 per cent mention ‘transformation’ in their annual reports, but only a quarter have actually executed such plans.
McKinsey identified the three essential steps required to pivot successfully:
- Be bold and reimagine the core business rather than making superficial tweaks.
- Disrupt yourself before you’re disrupted by others.
- Monetise data to unlock new sources of demand.
THE RACE TO PIVOT
The success of a company reboot isn’t just about the extent of the transformation, it’s about how fast you execute it, as Delegate Connect CEO Jordan Walsh from Hawthorn East, Victoria, explains.
“On 13 March 2020, the Melbourne Grand Prix was cancelled. This sent the global events industry into shock and soon decimated it. I knew this was the perfect opportunity for Delegate Connect to use our technology to ensure events could continue, but in a different form,” he explains.
“We were running an event at ICC Sydney that weekend and got a call from our client saying we had to switch it to a hybrid event within 72 hours. We already had the technology and knew we could make it happen.
“The most important decision was my next one. I quickly got our camera crew to film a short video of us creating what was Australia’s first hybrid event caused by COVID-19. That was viewed by so many people and showed exactly what we could do, and was the start of the rapid growth journey of Delegate Connect.
“We’ve had offers of investment but haven’t accepted, as we have a very strong cash flow and don’t need it. We’ve generated more than A$3 million in the past 12 months.
“In this sector, trust is everything. An event is a moment in time and our clients cannot afford for anything to go wrong. The way to build trust is simply to deliver above and beyond, every single time.”
