Editor's message (6/3)
Written on the 7 April 2009
The Latin phrase meaning ‘seize the day’ is the ethos behind savvy business leaders who are able to identify opportunities in ultra competitive markets with fresh branding strategies.
This month’s cover story highlights the importance of getting your product out there as we discover that hibernating a brand during tough times is not a viable option.
Seeking ways to leverage over competitors during a slowing economy should be a no brainer. At a time when advertising agencies are experiencing first hand diminishing spend on marketing and brand awareness; the current economic climate is also creating streams of opportunity.
For some companies, it means complete rebranding. Take Gold Coast Tourism’s (GCT) ‘Very GC’ campaign. It has been canned as the organisation’s CEO admits the branding phrase ‘confused the market’.
GCT chief executive Martin Winter will roll out a new branding strategy for the city in 2011 and promises no gimmicks this time around. The Very GC campaign sponged millions of dollars in funding during a largely ineffective drive to seduce visitors here.
With the traditional key economic drivers of tourism and property punted by the credit crunch, does the Gold Coast’s once vigorous SME sector have the strength to underpin the local economy?
With an ageing population and the bulk of the cashed up baby boomer generation on the cusp of retirement, the challenge will be whether the businesses they leave behind can be adeptly run by their successors.
Director of Diagno Strategic Business Tuning Scott Proud, says a shift in spending patterns by this once all encompassing demographic will greatly affect small business trade over the next decade. It is estimated that 85 per cent of all small business will change hands in Australia over the next 10 years – equating to $3.5 trillion, according to an MGM family and private business survey.
And the demise of the golden handshake for retiring executives following a Rudd Government crackdown will require a significant shift in corporate culture.
Director of Corporate Programs at Southern Cross University Dr Michael Singleton, says large company boards need to look at their fundamental responsibilities. Rewarding success, not failure, is a return to common sense following multi million dollar payouts to executives.
Also in this issue, we profile landmark restaurant Cav’s Steakhouse as it celebrates 25 years in the business this month. The award-winning Labrador eatery has increased KPIs by five per cent annually and will turnover more than $5 million this financial year. For owner and fourth generation Gold Coaster Richard Cavill, it has been a stellar ride. He speaks to Gold Coast Business News about the challenges and the triumphs.
And can the sectors of education, health and aged care save the Gold Coast property industry from further deterioration? International construction consultants Davis Langdon predicts growth in education and health-aged care of 11 per cent and 7 per cent respectively.