Since Malcolm Turnbull commenced his Prime Ministership, there has been much speculation about the benefits of innovation for the business sector. The Prime Minister has promised greater support for start-ups and entrepreneurs, looking to snap up new opportunities in the digital economy – but what will this mean for older businesses owners?
In many ways, ingenuity and resilience have been prerequisites for small business owners, merely in order to survive – let alone thrive. But now it seems there are even bigger challenges to face, to continue to build Australia’s fortunes with small business. The financial services industry is well-placed to respond to these challenges, and I believe there are many small businesses that will tackle the challenge of innovation head on.
Every day, we read more stories about robo-advice and the disruption of technology. We are slowly seeing planning and advice firms start to analyse how they can use “robo” to create new business opportunities. As small businesses assess the opportunities fin-tech can offer, there are three questions you must ask yourself.
- Will the use of technology attract new clients, or will it make the existing client offer better? If it does not attract new clients, then the spend and time invested should be significantly less to keep the financial health of the business strong.
- Does the management team understand what the technology does, and how it can be implemented? If not, hire an expert that does. While Prime Minister Turnbull argues disruption is Australia’s friend, it can quickly become your foe if not managed carefully.
- Can you find new ways to distribute the online innovation? Build it and they will come simply does not cut it nowadays. Without distribution, the best robo-innovation in the world will go unnoticed.
- There are many ways to get innovative in small business – especially in financial services. It just takes some thought, investigation and an understanding of how to identify the low hanging fruit.
