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Chapter 1: What is the main topic discussed in this episode?
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Please remember that all of the information in this podcast episode is limited to general information only. That means the information is not specific to you, your needs, goals, or objectives. So you should seek the advice of a licensed and trusted financial professional before acting on the information.
And before you acquire or apply for a financial product, please read the PDS or product disclosure statement, which should be available on the issuer's website. Lastly, please keep in mind that past performance is not indicative of future performance. In this episode of the Australian Finance Podcast, Kate and I are talking about business pivots.
All of those small businesses that have adapted to COVID-19 and the restrictions and kind of made a go of it in spite of all the uncertainty and risks associated with starting a new business. We hear about stories of an eco-accommodation lodge that has turned into a bakery. We hear about stories of personal trainers who now sell kettlebells and all different types of things in this episode.
If you run a small business or if your friend or family member does and they've made one of these pivots, we'd love to hear about it. So email us at podcast at rask.com.au. And if we like what we hear, if it's pretty inspirational, we'll share it and promote your business on the podcast. We'd love to hear from you. As always, we hope you enjoy this episode of the Australian Finance Podcast.
Kate, welcome to this episode of the Australian Finance Podcast.
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Chapter 2: What interesting business pivots emerged during COVID-19?
I think this might have been in US perspective, but gym gear, stuff to do haircuts from home. No one was going to the hairdresser. What else? There was a lot of Lego and definitely puzzles and bicycles.
Okay.
But I think everyone, like I'm seeing a lot more people on bikes nowadays and not everyone knows what they're doing. So I have heard there's been an increase in bike accidents in Australia because of all the new riders on the road.
Yeah, it's interesting. Like a lot of people say to me, you know, we can't go out and do these things with the kids. So we have to make it as an excuse to be exercising. And what is a good thing to do with kids? When you're exercising is ride a bike. So yeah, I can definitely see that happens.
And if I could just switch to my financial educator hat here, if people have ever wondered what capitalism is, you know, you hear about it in movies. Capitalism is when things present themselves, an opportunity presents itself and there's demand for a particular service or product.
an entrepreneur or someone who has the skills will go in and offer a service and try and make money from that and so this is the important thing about capitalism as opposed to most other things is that oftentimes things need to fail in order to spur on innovation and so when you see things like coronavirus and you hear about people buying bikes it's because There was a reason for that to happen.
And then a supplier came in and filled that void and added value to their life. And that's what we talk about. We talk about capitalism. If you need to ever explain it to anyone, that's the beauty of it. And that's why it works. The reason why you're listening to this podcast is because we get value from it. Kate and I love doing it. It's also good for our respective websites and what have you.
And this is the type of thing that comes out of a dark period is innovation when you have capitalism. So I just wanted to air that in there because a lot of people don't understand what it means, but now they probably get front and center, a visceral experience and understanding what it means. Anyway, that's an aside. Kate, what's another example of someone who's done a business pivot?
Another one when I asked my Instagram followers about different ones they'd seen in the community was a company called Winkle Group. So it's an Australian business that usually does interior store fit outs and they've pivoted because people aren't fitting out interior stores if no one can go in them at the moment.
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Chapter 3: How did businesses adapt to the challenges of the pandemic?
So I think this is a really, really cool thing. Kate, do you have any more? Is that the last one?
They're probably the main ones I've seen. I mean, a lot of the local businesses have pivoted that I've seen to a lot of home deliveries because they can't afford to sort of lose that cut on the Uber Eats app. So they've actually been implementing Shopify or various platforms onto their website very quickly.
So I'm sure there's been someone that's been offering those services to help stores that haven't been digital before. suddenly have an online ordering system or online shop. So that's probably another area that's been growing. I haven't heard anyone personally offering that, but I'm sure someone is there behind the scenes. And it's been really interesting. I even saw... I did see some...
Like Prahran Market, there was a group organised so you could get food from each of the stores and have that delivered to your home. So I think it's really sped up that change into home deliveries for things and services that you might not normally have delivered to your home. And I think it's brought some industries forward many years in terms of home delivery.
I think a lot more people are probably going to use Woolies and Coles home delivery in the future, even out of this.
I think that definitely, you know, we talked about at the top of the show there that there are some businesses that what we would call bringing forward the adoption curve. So the uptake of certain services has definitely been sped up. At the same time, you know, we're hearing news this week.
I don't want to timestamp this podcast too much, but we're hearing news this week that, you know, there are some losers from this, you know, particularly in media. Print media. Print media. Yeah, I mean, the writing was on the wall, unfortunately, for a long time.
But then, you know, other services such as restaurants that were probably teetering on profitability for many years and couldn't really make ends meet, they're probably, you know, facing some pretty hard times now too. Yeah, I know.
I saw Hopeton Tea Room was suffering. Hopeton Tea Room? What is this? Oh, it's in one of the arcades in the city in Melbourne. But apparently it's like one of the most famous tea rooms and the windows are so beautifully filled with cakes. Anyway, you obviously don't get around town much, but... But anyway, I saw an article yesterday and apparently they're trying to desperately find a buyer.
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