Business zen: Maximise the positives

Russell Bell

I READ with interest a story in the Chronicle last week that reported on our mayor, Hamish McDouall, suggesting an option for Government departments to site themselves in Whanganui -- especially in light of the difficulties experienced with buildings in the last week.

There are also longer-term advantages for the families moving to Whanganui from Wellington on the basis of the city's lifestyle and infrastructure.

Just as every dam burst starts with a trickle, the story highlights the potential for growth in regional economies which can come from thinking outside the square.

It also signals a council with continued foresight and openness to opportunities -- another example being the investment in a digital strategy. Both of these are well founded approaches and the digital investment is bearing fruit, so the key now is to build on this and maximise the positives that come from it.

Back in 2013 I wrote this:

"I will be the first to say that I am excited about embracing the tech revolution and having that as a key thread of the future economic development of our little slice of paradise.

"In fact, the more time I spend around the local Digital Leaders' Forum, the more convinced I am that this is a real opportunity which needs to be grasped with both hands."

Nothing has changed for me in this regard, and as our businesses grow and diversify, we will begin to see the benefits of having a digital strategy and become even more thankful for council's foresight.

At a business level, a properly composed digital strategy recognises and leverages a world of constant change and, by moving in concert with it, opportunities can be created.

It is simply no longer possible for us to run with strategies like, "Hey, let's not change a thing" or "Let's model ourselves on another old model". The past is gone, and if you just do what others do there is no uniqueness to your offering to attract increasingly tech-savvy customers. Most importantly, you need to be prepared for when the tectonic shifts occur in your market.

Appropriate digital strategies are multi-faceted and take time and investment but pay dividends. The digital economy -- and our place in it -- is an opportunity to be built on.

First movers, when they invest and get things right, are extremely difficult to displace in the minds of the market. So we are working with businesses right now -- both new e-businesses and traditional ones looking to move with the times. We also leverage our relationships with experts in digital as the industry moves at lightning speed.

You need to move to the next level and realise that traditional models, no matter how comfortable, will eventually not stand the test of time. For example, how different would the taxi industry be had it prepared for Uber? Or think of the impact of Airbnb on the tourism industry.

So welcome to the digital economy. We will all need to follow our mayor's lead and think creatively outside of the box to revamp or do away with traditional approaches.

� Balance Consulting is a Whanganui consultancy specialising in business strategy, process excellence and leadership mentoring -- contact Russell Bell on 021 2442421 or John Taylor on 027 4995872.