Weathering the highs and lows of the economy is a fact of life for any Australian business. When times are good, it's easy to get complacent and forget the mistakes of the past, while a reversal of conditions can become all-consuming and prevent businesses from looking ahead and creating new plans.
After a tumultuous 2014, Australian small and medium sized enterprises (SMEs) have been a testament to the endurance required to succeed in a fluctuating economy. While we have yet to see what the rest of 2015 will bring, the opening months have shown that business confidence will continue to be a matter of contention.
According to the recent ANZ-Roy Morgan Australian Consumer Confidence report, consumer confidence is still sitting below the long-run average. ANZ Chief Economist Warren Hogan stated that small changes of late had seen little effect on overall levels of confidence.
"ANZ-Roy Morgan Consumer Confidence remains soft amidst ongoing concerns over the economic outlook," said Mr Hogan.
In times of uncertainty, businesses must ensure that they remain two steps ahead of the game with a high level of communication to address any developments as they occur.
While this may present a challenge to businesses whose employees or corporate partners are based across the state or dispersed on a national level, teleconferencing could provide the means to keep everyone on the same page.
"While rising house prices, relatively low petrol prices and low interest rates may be helping consumers feel more positive about their own finances, households remain concerned with the economic outlook in an environment of low wage growth, government budgetary strains and a soft labour market," said Mr Hogan.
Mr Hogan also added that while the unemployment rate saw a slight dip recently, the impact on consumer confidence was minimal, which was also affected by a weaker Australian dollar.
If you want to keep your business on track, teleconferencing can integrate communication and collaboration seamlessly with your current strategy to encourage strong performance no matter the economic climate.