Farewell FY19; welcome FY20

From the desk of Justin Flavel

Another end of financial year is upon us and it’s not uncommon to reflect, especially on how quickly and dynamically decisions are now made.

Timely example

It has been an amazing start to winter here and I went for a long walk with my wife. Whilst we were out walking around our neighbourhood I saw numerous signs for buyMyplace – this is something new, never seen them before, but I expect to see them a lot more. How quickly we see the short presence of one operator being rapidly replaced by a successor – namely the departure of Purplebricks in Australia. The real estate disrupter openly said they didn’t execute their plan well and they expanded way too quickly. The challenging market conditions seeing a lower volume of transactions hasn’t helped either.
In my view, it is quite evident that we consumers have changed… not just in real estate but also across the board. Look at our addiction to online shopping and banking to the detriment of retail shopping outlets and the number of bank branches.

Whilst the fall of a major industry player in Australia is a temporary dent in the disruption currently experienced in that sector, don’t expect it to be the end. We anticipate disruption continuing across numerous industry sectors with new players changing the way we transact in business and bringing new ways to engage, especially digitally.

My call to all business owners is to take this time at the end of the financial year to plan for something different.

Take the opportunity to focus on your business because, if disruption is not already affecting your sector, then it’s coming. On the other hand, if disruption is already prevalent in your industry sector, you need to fight back and embrace the challenges that are presented. Call the team at Omnis Group Accountants in Perth on 08 9380 3555 if you need business back up in FY20.

Further reading

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