COVID-19 will transform business,  organisations need to better prepare

As Australian organisations prepare to emerge from one of the greatest impacts ever placed upon them, they have been reminded they need to start preparing now for a changed world.

There is uncertainty as to when level 3 isolation protocols will be relaxed, according to a survey of business leaders. A third expect them to reduced to level 2 at the end of the current financial year, according to a survey of members of the Australian Transformation and Turnaround Association (AusTTA).

But this is far from unanimous and certain, as the situation changes weekly, notes Kyle Loades, Chairman of AusTTA. (AusTTA is a not-for-profit whose aim is to professionalise and qualify the role of Transformational Leadership.)

When do you think social isolation protocols should be reduced
from level 3 to level 2?

Source: AusTTA April 2020

Mr Loades noted there even less certainty about financial markets, with the responses of 100 members of the association varying widely about the bottoming of the Australian Stock Exchange (as shown below), ranging from it has already bottomed (15%), through to sometime in Q3 (15%) through to next year (15%).

Interesting, the majority of respondents agreed that international borders would not, and should not, be opened for international travel until next year (35%).

He said, while there are exceptions, most Australian organisations had enjoyed steady growth over the past several decades and not had to face great challenges and change as they do now.

Mr Loades said: “The world is continually changing, and will change even moreso after COVID-19, and business leaders need to embrace new ways and techniques to transform to following this major change – and they should start preparing now.

When do you think the Australian sharemarket will bottom?

Source: AusTTA April 2020

When will international travel by permitted?

Source: AusTTA April 2020

“Firstly, leaders need to admit the need for transformation. They also need to admit if they don’t know what to do. (Old operational management actions are not a remedy and will no longer suffice).

“The next thing to do is to learn more. Ignorance is no longer bliss, or an excuse for management. Rather it is terminal for them and their career.

“Australia is already lagging behind the rest of the world in its core understanding and preparation for transformation. There is a lack of impetus to move amongst boards across the country to take the need for transformation seriously. COVID-19 might awaken them to the need to get up to speed.

“Our leaders need to become more forward thinking.  We need more transformers if Australia’s business and financial sector is not to be left behind,” he warned.