How Melbourne Business Owners find opportunities in difficult situations

“You may encounter many defeats, but you must not be defeated. In fact, it may be necessary to encounter the defeats so you can know who you are, what you can rise from, how you can still come out of it.” — Maya Angelou

Successful entrepreneurs get to where they are now because of their determination to reach their goals, which includes braving the odds and overcoming hurdles. The recent global scenarios in the past two to three years have been very challenging. Many business leaders have looked into finding opportunities under tough situations. But how do you do it?

Look at the present needs where you can provide a solution

Entrepreneurs have shared how their businesses fill a gap. Dion Castle, CEO of Struber, said, “With the fast-changing environment in society and the world, in general, it is easy to see that the culture, technology and customer experience in our industry were due for an upgrade.”

But when the conditions of a society change, the needs of society also change.  If there are difficult circumstances, how can your business help in this time of need? Are your products and services relevant in such circumstances? It is good to look into new problems that arise and find the areas where your business can offer a solution.

Be open to new creative ideas, innovate and pivot

Unexpected things happen, so when a crisis arises and you hit a wall, take advantage of this hiccup to go back to the drawing board and revisit your plans and current offerings. This is where innovation comes in. Brainstorm for new ideas that can help boost your enterprise and make it thrive when the going gets tough.

Nitasha Badhwar, Co-founder and Chief Strategy Officer of Sunpower Renewables, shared that “Innovation for us is more than just implementing new technology, solution, or process. It is our culture and one of our cornerstones – something that we come back to in good and bad times.”

Also, opportunities open up when you pivot. Arosh Fernando, Creative Director of WooHah Productions, once shared the changes they had to do within their business to keep them going during the lockdowns. “All these changes helped us, as we would have no income if it wasn’t for these pivot ideas. We have managed to claw up to 20-30% of our monthly revenue,” Arosh said.

Keep an eye on new markets

It is often said that “when one door closes, a window opens.” A crisis or a setback can be a turning point where new opportunities are formed. Look where the resources go. Observe the trends and be ready for new markets that will emerge.

According to Clayton Cross, Head of Strategy at Expia, “The pandemic has opened hundreds of opportunities. Most golden. Essentially new markets have been created, especially in the environmental, social, and governance (ESG) space, which we are targetting.”

Offer help and strengthen relationships

When problems and adversities arise, that is the best time for everyone to help each other and work together to overcome the challenges ahead. The pandemic has shown how important relationships are – within the family, among friends and even with people you meet through your business. 

Ben Beattie, Managing Director of True Blue Plumbing Australia, talked about his experience. “When they shut down construction in Victoria, we had 10 plumbers a day off work with only enough emergency work for 12 guys. This was the week the earthquake hit and thousands of insurance claims were lodged. We contacted our major clients and offered to assist them with virtually assessing all the damage from the site back to their head offices as they were swamped with work. We were able to keep 3 additional guys busy for the final week of lockdown reducing to major financial losses we were incurring.”

We never run out of opportunities. The important thing is to look out for it at all times or even create those opportunities when you can.

How to keep your team inspired at work

The lockdowns imposed during the pandemic have pushed many businesses to manage their teams remotely. Now that restrictions are easing, and the world is starting to return to some form of normality, some have embraced the “new normal” with people going back to face-to-face activities but with certain safety protocols imposed. Others still work from home, while there are others that have adopted hybrid working arrangements.

Regardless of the work set up in your organisation, it is undeniable that your employees’ happiness and mental health are important in keeping your team together. It also helps them to be motivated and engaged in your business and immersed in their jobs. Apart from your regular catch-ups and meetings, it is helpful to come up with some activities and initiatives that also cater to their other needs.

Reach out to them individually

Letting your staff members know that you value them as part of your organisation will also enable them to put importance on their relationship with you. Since every staff member may be going through different situations and may have varying concerns, it is helpful to reach out to them one by one and check on their circumstances.

When the pandemic happened, Ben Beattie, Managing Director of True Blue Plumbing Australia, dedicated time to check on his team. “I took the time to call every staff member individually, asked them how they are coping and if there was anything True Blue Plumbing Australia could do for them and what their thoughts were on how the company has handled the pandemic,” he stated.  

Clayton Cross, Head of Strategy at Expia, shared a similar sentiment. “We reach out to them to know where they are at, individually,” Clayton remarked. This simple gesture matters to every member of your team, so it’s beneficial to do this every now and then,

Gather feedback and address issues

Whether during individual calls or at regular group huddles, make sure to gather feedback from your team members and address immediate concerns. “Taking on their feedback and addressing any issues was a great way to make all staff feel heard,” Ben iterated.

Such feedback will provide you with insights on how you can further strengthen your team, improve your systems and services, and grow your business. When team members feel that their input and ideas are being considered by the company, the more they become engaged and involved in the business.

Host a dinner or socials and do activities that build the team

The pandemic was challenging to most individuals and businesses. However, people have become more creative in keeping their teams together. Many have come up with virtual get-togethers and other fun and enjoyable activities, big or small.

During lockdowns, Ben and his team at True Blue Plumbing Australia gathered online for some lighthearted moments. “We held an online social and paid for dinner and drinks for everyone. This really helped morale and eliminate the feeling of disconnect,” Ben shared.

Team lunches or dinners, fun games and team-building activities are initiatives that will get your people to strengthen their bond as a group and reinforce their teamwork. 

Jeremy Chen, Managing Director and co-founder at Good Things, has tapped experts for their team-building activities. “BeChallenged runs a great course that is fun and the enchanted adventure garden in Mornington peninsula has some fun scavenger hunt/ropes courses, but nothing beats a good internal dinner and drinks.”

Give them some pampering

Allow your staff members to enjoy something that can help them relax and de-stress. Clayton has come up with some initiatives that could bring delight to the team. “We offer them something that meets their immediate needs, such as a massage or a quality home-cooked food delivered,” he said.

These are things that will make your team appreciate being part of your organisation and inspire and motivate them to be engaged in your business. 

Encourage continuous growth

People always yearn for growth, such as skills upgrade, advancement in their career path or bigger roles in the organisation. Provide them with an opportunity to thrive and learn more, wherein they can apply such learnings to their personal and professional development as well as to the growth of your business. Training, seminars, workshops, conferences or additional education would be beneficial to them and your organisation. 

When it comes to continuous learning for your key executives, EO has a Key Executive Program, a program that permits an EO member to have a key executive from their business to participate in EO learning events and EO Accelerator learning events and become a member of a Key Executive Forum. Learn more about it at https://www.eomelbourne.org/key-executive-program. 

Strengthening your 2iC as a way of strengthening your business

One of the long-term goals of many business owners is to be more focused ON the business rather than to be IN the business. This means that they evolve from doing job execution and daily operations to heavily leaning towards setting strategic directions and vision achievement of the company. To do so, entrepreneurs have to free certain space on their plate so that they can concentrate on growing their business. This is where having an effective 2iC becomes critical.

A 2iC or second-in-command is the next in line after the CEO. The 2iCs may have different position titles but they have two major roles, which are to help manage the business, especially during the absence of the CEO, and manage their relationship with the CEO. Having a strong 2iC is important to build and develop your management team.

Entrepreneurs share the key things they do to ensure that they have a reliable 2iC that can help them in their business.

Hire a trustworthy person fit for the role

The first thing to do to make sure you have a trustworthy 2iC is to find the right person fit for the role. It has to be someone with whom you share similar vision and values and who has the right skillset needed for the job.

“Employ someone you trust,” said ​​Clayton Cross, Head of Strategy at Expia. “Employ someone with better skills in complementary areas of business. Employ a hard worker,” he went on. It is important that you are able to hand the management of the business to your 2iC so that you can focus on the macro parts of your company.

The relationship between you as the CEO and your 2iC is extremely significant because it will hold your whole organisation together. Otherwise, if there are gaps and cracks in your business relations, it will affect the entire team and, eventually, will have an adverse consequence to your business.

Spend more time with them

Having a 2iC doesn’t mean that you will live in two separate worlds. You may have your respective areas to focus on but will still have constant communication with each other because you will have to work together to attain what you have set to achieve for your business.

This is why for Ben Beattie, Managing Director of True Blue Plumbing Australia, “I think the key thing for me is to spend a lot of time with them and encourage them in their personal development. The more time you spend with them, the more likely they will take on your approach to the business. Also, don’t be scared to trust them with responsibilities before you think they are ready.”

Similarly, Rob Roy Rankin, Principal and Founder of Rankin Business Lawyers, makes sure he spends time with them regularly because he believes that communication is paramount. “We have a standing weekly meeting to ensure we are on the same page, where we catch up on what is happening in each other's lives. We identify, discuss and resolve any issues. We also discuss business strategies and project plans,” he shared.

Define roles and support them in their roles

Understand that a 2iC is not a “spare tire” but someone who only functions in the absence of the CEO. Rather, they take an active role in the company, alongside the CEO. You have to have definite functions and specify which responsibilities you will handle and which ones you will delegate to your 2iC. That way, you have a clear delineation of roles and a smooth system and process on how to run things.

For Rob Roy, he finds it useful to put careful thought into this. “We read Rocket Fuel by Gino Wickman & Mark C Winters and used this to define our roles, what was expected of each other and how we work best together,” he revealed. On a day to day basis, Rob supports decisions made by his 2iC and they both make sure that neither undermines each other.  

Even if your 2iC is advanced in experience and have leadership capabilities, it is still important to look after their professional growth and development and their other needs. Allow them the opportunity for ongoing Executive Education. The more you build and strengthen them, the more they can be productive and do better for your organisation.

You and the 2iC onwards the future of your business

As you pilot your business towards your targets, goals and vision, your 2iC is the co-pilot that will provide you with the added skill and support to steer your company towards the direction you’re heading. And even without or with less supervision from you, you are assured that someone trustworthy can lead your business forward.

Work together on how you’ll fly your business in the altitude and distance you aim in your entrepreneurial journey. Equip your 2iC with tools so that both of you can look after your team more efficiently and drive your organisation at an accelerated pace that will have long-term benefits to your business and everyone in it.

Best practices on building good teamwork while working remotely

In this era of working remotely, getting your team to stay constantly connected and building a stronger relationship and dynamics among them are important to keep everyone going and motivated. The big question, however, is how? What are the things you need to do to enable you and your team to work together to achieve your business goals despite the challenges and limitations of distance and time?

Learning from the best practices of other businesses can help you look into what would be suitable for your team set-up. Entrepreneurs Clayton Cross (Head of Strategy, Expia), Ben Beattie (Managing Director, True Blue Plumbing Australia), and Rob Roy Rankin (Principal and Founder, Rankin Business Lawyers) share some tips on what they do to keep their team stronger together.

Communication system and technology

Technology plays a major role in keeping everyone connected and allowing things to continue to operate despite the limitations of physical and face-to-face interactions. Many transactions are done online, including getting teams to perform their duties and deliver their outputs.

Ben Beattie highlights the importance of “having an internal phone system that is capable of being used from home.” While it’s easy to set up communication systems in an office setting, it is quite a challenge when your team members have varying tools and resources at home. Your business must be able to support their communication needs so that you can contact each other when needed.

Similarly, Rob Roy Rankin makes sure that his team has “Mobility through the deployment of technology and by using tools like Office 365, including Teams, which supports collaboration and social interaction, ActionSteps and NetDocs. Everything is available to everyone at all times,” he stressed.

Regular online meet-ups

How often do you and your team meet online? Meetings are necessary to update each other and to check on every team member. It is also to ensure that every person receives the support and assistance needed from the team, giving them that sense of belonging to a group.

Having regular connections is one of the best practices that Clayton Cross keeps with his team, something that most businesses recognise as an important thing especially when team members are not physically together in the same space. 

This was echoed by Ben, “We up the level of communication (among our team) and ensure all meetings are still held weekly. Everyone in the team needs to still feel part of a team.”

“Connection and belongingness” are important factors for Rob. “Rankin operates with a flat structure and creates opportunities for lots of interaction, such as weekly kick-off meetings, one-to-one catch-ups, quarterly company updates and social events,” Rob said.

Flexibility and innovation in meeting styles

Flexibility at work and being considerate to the needs of every team member is also something that Ben implements in his business. That is why one of their best practices is “Being flexible. It can be nearly impossible to work from home with young kids there sometimes. Working with your staff to come up with a schedule that will allow them to achieve what they need to in a week while juggling home life is key,” he said.

Clayton, on the other hand, shared, “we change up meeting styles.” There’s something that people nowadays call virtual fatigue, so it’s good to make your meetings sometimes fun and more relaxed.

As Rob has mentioned, social events create a sense of belonging among team members, and this also applies to the virtual space. Put a bit of play into your work, to get your team hyped and motivated whenever they come online for a virtual meet-up.

Positive reinforcement

Finally, “be positive,” Clayton remarked. Positivity can go a long way in cheering someone up, giving hope to others, and encouraging your team to do their best. 

Rob also recognises that the mental well-being of team members is important. “From mindfulness training to acknowledging employees and showing appreciation for their contribution, Rankin is all about celebrating wins, big and small. We also support and champion employees’ passions and causes outside of work,” he shared.