Opinion: A proactive industry policy will boost SME resilience and profitability

History shows that how productive a country is affects its future. Today, the choices our leaders make are crucial for what lies ahead. It’s really important for the Australian government to make strong policies that support growth, innovation, and sustainability.

Prime Minister Anthony Albanese’s shift towards proactive industry policy couldn’t come at a more critical time. SMEs have been significantly overlooked since the pandemic. This overdue announcement highlights the urgent need to support local businesses and foster innovation amidst the myriad challenges they face.

It’s a reminder of the crucial role SMEs play in our economic ecosystem and the need to prioritise their interests in policymaking.

At Fifo, we stand firmly behind Australian businesses, offering unwavering support and tailored resources for their success. Our financial solutions are designed to be flexible and easily accessible, providing businesses with the support they need to overcome challenges and seize opportunities in today’s fast-paced world.

SMEs are the engine room of our economy, and it’s heartening to see steps being taken in the right direction. While there’s no one-size-fits-all solution, there are proven strategies and mechanisms that SMEs can implement to boost resilience and maximise profits, especially during challenging times.

In addition to governmental policy shifts, it’s imperative for the Australian business community as a whole to adopt more proactive and strategic approaches. Too often, businesses find themselves reacting to immediate challenges without considering the long-term implications or preparing for what lies ahead. Now is the time to shift our mindset from reactive to proactive.

Rather than solely focusing on addressing the challenges of today, we must also contemplate what lies beyond the horizon. How can we leverage our existing resources more effectively? How can we enhance the efficiency and sustainability of our operations? These questions are paramount as we navigate an increasingly complex and uncertain business landscape.

Being proactive means anticipating future challenges and taking steps to mitigate risks before they escalate. It involves strategic planning, scenario analysis, and a willingness to innovate. By adopting a proactive stance, businesses can position themselves to not only weather the storms of today but also thrive in the face of future uncertainties.

It’s essential to embrace a mindset of continuous improvement and innovation. This means constantly seeking ways to optimise processes, enhance productivity, and maximise resources. By doing so, businesses can remain agile and resilient, ready to adapt to whatever challenges come their way.

Inevitably, the next challenge will arise, whether it’s another global crisis, technological disruption, or economic downturn. The key is to ensure that we’re not caught off guard when it does. By proactively addressing current issues and strategically planning for the future, the Australian business community can position itself for long-term success and sustainability.

Wayne Morris is the CEO of Fifo Capital.