Global economic unrest could lead to boom in local business

The coronavirus outbreak will affect Australia in more ways than one

With the global tragedy of the coronavirus taking its toll on many people, it also has much further reaching repercussions.

As a result of the coronavirus, Australia is seeing a significant drop in international travel as well as the scaling back of outsourced manufacturing in Chinese-based factories.

This impacts Australia – and the world – in more ways than one. And finding our footing during this time means turning to local businesses to help support our larger Australian brands.

As Australia’s dollar drops, the country turns its gaze inwards

The Australian dollar is the weakest it has been in 11 years. Having tumbled to the lowest level since the global financial crisis of 2007-2009, it is currently sitting at 66.50 US cents.

While this drop was not caused by the coronavirus, the infectious disease is affecting the Australian market in other ways – and it could cost the country $12 billion in exports.

This is where your small business comes in

EVen though the dollar is dropping, it’s not all doom and gloom! As history has shown, some of the most powerful businesses in the world began during times of hardship.

Burger King started out following the end of the Korean War. During a time when everyone else was busy worrying about inflation, founders Kieth J. Kramer and Matthew Burns decided to sell some good old American fast food instead.

Walt Disney began right in the middle of the Great Depression – and look at them now! One of the world’s largest media conglomerates, it beat the financial crisis odds and stuck around to tell the tale.

So now is not the time to sit quietly, but rather to take action. As Mark Zuckerberg famously said, “The biggest risk is not taking any risk.”

Because what if your small business becomes the next cutting-edge conglomerate?

The dollar may be falling, but the potential boom for local business is rising

Amid warnings of a recession and the prediction that billions of dollars will be lost in exports due to the coronavirus outbreak, local businesses now have the potential to step up and provide for consumers where larger businesses no longer can.

As the dollar continues to drop, big brands will be turning towards small, local businesses for help. And as an alternative to American-sourced goods, small businesses will have the capacity to deliver food, clothes and general goods at a cost more affordable to all.

It’s time to take a stand

As Australia navigates this turbulent time, large businesses that once outsourced their manufacturing to other countries will now be looking to local businesses for help.

And here’s looking at you, pal! With everyone from big brands through to neighbourhood locals knocking on your storefront door, you’ll have the opportunity to provide for people in a way that you might not have been able to before.

The Australian economy is unbalanced, yes. But all hope is not lost! Because your business could very well be the one to recentre it.