Reaching for low hanging fruit is something we in small business know about. It’s about reaching for what is close, within reach, what will deliver tangible benefits in the short term.
This is what I wish governments, federal and state, would do when making decisions designed to stimulate the economy out of the Covid recession.
There are low hanging fruit opportunities, especially in the small business space. We see this here at Tower Systems, through our work across a range of specialty small retail channels. Some channels are already growing while others are stalled.
We also see broader low hanging fruit in small businesses compared to big businesses as the are known to act faster and invest more locally.
While we understand the need for financial support for businesses in distress because of Covid, we think there are opportunities to support businesses that do not meet the current JobKeeper criteria, businesses that are growing without current support as it is these businesses that present low hanging fruit opportunities. These businesses have proven resilience. Resilience is a good foundation for growth.
Businesses that do not meet JobKeeper qualification requirements could grow further and faster, add more jobs, increase local spending, if stimulus was targeted to encourage more growth for them.
I’d like politicians to look more closely at the businesses that are growing, businesses not on JobKeeper, to understand what they can do to leverage their success.
It is frustrating reading of public companies getting JobKeeper and increasing executive bonuses and shareholder dividends.
Thinking about low hanging fruit opportunities for businesses already doing well, I’d like politicians to consider … reinvestment rebate on reported profit, a reinvestment rebate on every new full-time head count, a reinvestment rebate for capital investment with Australian businesses.
I’d like governments to look at where jobs have been created in recent months and to talk to folks in those businesses to understand what they could to achieve more of this. I’d like them to specifically focus on jobs that could be created now without an education lead time, jobs that on themselves lead to other investment that could benefit the economy.
I see opportunities in plenty of niche retail channels as well as in local Aussie tech companies and a range of supporting service providers.
I want to see reward for local sourcing and local spending, and especially anything with a short lead time.
Them more spending today that can provide an impact this quarter has to be a priority. While I get that news outlets like big infrastructure stories, the more beneficial moves are those focussed on the next step as it’s that step that has more valuable potential right now, it’s that step that will help small businesses reach for more low hanging fruit.