One year on: recovery or still resting?

Author Ray Anderson Published 14 September 2009

Over the last few months the chatter about economic recovery has increased, and commentators have begun speculating about the causes of the global financial crisis and the shape our economy will take in the future.

It has been widely noted that Australia seems to have weathered the crisis better than most countries. But of course unemployment is up and businesses are still struggling. The Rudd Government's stimulus package has certainly helped, but it is only a stopgap: once its effect wears off businesses will need to get creative and use this time as an opportunity to introduce change and innovation.

Businesses are rarely afforded such opportunities to review their products and services and eliminate what's unprofitable or not central to core business. A review of costs and processes will also help to improve efficiency and minimise waste.

Close analysis of your business's market participation – internationally and globally – might also be worthwhile to assess the potential for expansion to new markets. The relatively strong Australian dollar could have a positive or negative influence on your business; now is the time to look closely and asses its potential effects.

Finally, the formulation and implementation of climate change policy is perhaps the most significant challenge facing businesses – but it is also one of business's greatest opportunities.