Much has been said of the world’s transition from industrial economy to a knowledge economy. The effects of the change have been seen in Townsville over the past few years. 

Now, there is hope the worst of the economic transition is behind us. While unemployment, skill shortages, access to capital, and high operational costs continue to impede growth, an image of tomorrow’s business is emerging. For example, a few years ago, Townsville had three refineries. Big consumers of energy and susceptible to commodity prices, the transition to the new economy has been costly for them and the people they employ. 

In response, Sun Metal Zinc Refinery built a solar farm to produce 30% of its own electricity. Costing $200 million, it is not a cost saving exercise in the short term, but it provides the operation with control over its future. The refinery recently announced its intention to expand, creating 800 constructions jobs and increasing permanent staff afterwards. While the expansion is pending on Sun Metal securing long-term energy price for the energy it doesn’t produce, it is a sign of the refinery’s bold intention. 

The Port of Townsville’s expansion is another welcome development. Over 4,000 people depend on the port for employment, directly or indirectly. The widening of the channel to accommodate bigger ships means that the port itself can remain competitive against other ports. It also means the supply chain that lives from the port’s operations – stevedoring, transport, logistics in the first instance but also the commodities shipped and received at the port like cars, bitumen, sugar, cattle, and dry goods – can plan their future. 

“While unemployment, skill shortages, access to capital, and high operational costs continue to impede growth, an image of tomorrow’s business is emerging.”

Attitudes are also changing. Once upon a time, smaller regional firms bidding for government tenders had little to no chance of winning. With new policies and political pressure, the trend is reversing. The rules of competition remain – you must be competitive and competent to win – but more small and medium enterprises have successfully tendered for government work. This has been particularly true for State infrastructure projects and Federal Defence projects. NQ Stadium is a shining example of this new trend, with 324 NQ businesses working on the flagship project. 

 Technology has also been a significant influence in this transition. For all its faults, NBN is a major enabler for regional businesses. According to international online accounting software Intuit Quickbooks, a small family-owned business based in Townsville is the most-forward thinking bookkeeping and business advisory service in Australia. 

Regional Business Services (RBS) has served regional businesses for 20 years. Thanks to cloud accounting, other cloud technology and apps, they have clients from Normanton to Melbourne, helping them with bookkeeping, finance and administration. RBS is one of five finalists in Intuit Quickbooks’ Firm of the Future competition, along with finalists from the UK, the US, Canada and India. RBS’ is a great story, transforming from a place-based traditional firm to a cloud-based business enabler. While RBS is deservedly gaining international recognition, their transformation is not unique amongst regional businesses. Remaining true to their core business, many are re-inventing how to deliver it. 

Public voting for the winner of the Firm of the Future competition is open from 16–31 October. Visit intuit.promo.eprize.com/firmofthefuture2018 to vote. The winner will be announced in early November.