With the Morrison Government unveiling their road map for the recovery of the Australian economy through the week. It was not unexpected that year’s budget is one of the most stimulatory Australian’s have ever seen.
The importance of small and medium enterprises (SMEs) to a healthy Australian economy cannot be overstated. We make up 99% of the economy and employ two in every three Australian workers. As we grow, so too does the economy, employment and access to new and diverse marketplaces. Our survival, success and continued growth is critical to every Australian. We are keen not to let the country down!
With almost every industry affected by COVID-19, many of our fellow SMEs have been tested as never before. The virus and subsequent containment measures have driven significant changes in the attitudes and behaviours of customers, employees and businesses alike. While some have continued to operate as normal, some even thriving others have been heavily impacted with pressure on profitability and cash flow and temporary or permanent business closures.
The jewellery sector especially in the independent channel where we operate has continued to stay afloat the hard work of individual stores safely providing a customer experience. This customer experience is driving our economy.
Here at Adina Watches and Clocks we are doing everything we can to support our retailers in their efforts to continue delivering an amazing consumer experience. Some of the new measures we have implemented is, extended our personal phone support hours daily to 11 hours every week day and employ an extra young person to assist in production with a view indenturing him into our apprenticeship scheme.
From an infrastructure perspective we have built a mezzanine level across our entire warehouse. That in itself sounds very underwhelming but that could not be further from the truth! This new level now allows us to carry twice as much stock and has also given us the space to purpose build a components workshop where we can, in one room have all our components for both spare parts and production. These two seemingly very innocuous assets are already in the first month proving their worth.
Having more space on hand we will be able to hold, despatch and deliver faster to our retailers nationally. In the case of the new components workshop, it is about time saving efficiencies and again holding more stock.
Holding more stock may go against many modern principles in business some would even say it is old fashioned but it is this traditional thinking we hope will prevail by providing breathing space should there be further disruptions to any part of our supply train. This will allow us to continue to deliver an incredible level of service to our customers.
In my eyes the next 18 to 24 months will continue to test us, it will be business’ that strive to new levels of customer service, pun intended that will not only survive but thrive.