Adapt or die: Why strategic adaptability matters
A tough market, an unprecedented monsoonal weather event, an unexpected Federal election result, and technology that is innovating quicker than you can say ‘AfterPay’; if there’s one thing the past 12 months has proven, it’s that businesses need to be adaptable.
Change is inevitable, plain and simple. When it comes to your business, there will be change, whether that’s a change in the market, a change in how your customers interact with your product, or a total disruption to your industry.
“The business environment is constantly changing,” says Greg Peel. “The opportunities change, and the challenges change. It’s never static, in my view. The task for businesses is to continue to work towards making the most of opportunities. We can’t just assume that cyclical events will make things better.”
PVW Partners has walked its talk, embracing opportunities and evolving its own business to become both an accounting and an advisory firm. A few years ago, the firm seized the opportunity to leave a Big Four accounting firm and establish itself as a homegrown firm focused on growing regional Australia. “That was a great example of assessing the opportunity and the risks and then making the change, doing something different, but making sure that all our risk mitigation strategies were in place to ensure that we didn’t come a cropper,” says Greg.
“The task for businesses is to continue to work towards making the most of opportunities. We can’t just assume that cyclical events will make things better.”
The business’ growth journey also led to the appointment of two new partners, Sonia Chalk and Colin Ryan, and the establishment of a new division within the firm, Captive Communications, which launched this year.
“Our business model, and the evolution of our business model, is to be able to provide a broader range of services, that complements the expertise that our clients already have,” says Carl Valentine. “The next area we’ve identified beyond our accounting, tax and business advisory services is in the communications space. How do we help business owners effectively tell their story? Effective storytelling, helps businesses with things like brand positioning. It leads into marketing, but it’s not a marketing offering per se.”
While still a very new brand, Captive Communications has already been engaged to deliver stakeholder engagement services for private clients and major projects like the Museum of Underwater Art.
“We’re positioning ourselves for growth in the future,” says Carl. “By growing we create opportunities for our team members to progress their careers, and have the opportunity to join us as partners in the future. But we can only grow if we keep delivering real value for our clients, so it all comes back to that client value proposition.”
For PVW Partners, every business decision made comes back to the firm’s defined purpose: Regional Australians growing regional Australia.
This is why PVW Partners has taken an advocacy position for regional Australia. The firm was involved in making a submission to Queensland Treasury regarding regional payroll tax relief, which resulted in the 2020 QLD State Budget featuring reduced payroll tax rates for regional Queensland businesses. More recently, PVW Partners advocated for an extension on applications for disaster relief funding.
“Many businesses were focused on flood recovery, and weren’t at a point to be applying for grants or relief funding before the government deadline,” says Carl. “By us having conversations with state and federal members, and departments, to suggest they extend the application period, those business owners have had time to get back up on their feet, and get in the head space to lodge applications for relief.
“We are much more than just an accounting firm,” says Carl. “We have to be a voice for the businesses in Regional Australia, and positively advocate for the things that make a meaningful difference for them.”
“At this point in time, there’s very much evidence of a two-speed economy,” says Greg. “Some people are doing it tough, whereas other people are doing really well. The challenge is for the people who are doing it tough to make sure that they are trying to work their way into the positive parts of the economy.”
Whether that change forces your business along an unexpected route, or accelerates your growth journey, the key takeaway here is it pays to have experts in your corner. PVW Partners offers a broad range of accounting and advisory services, with the firm’s partners bringing diverse expertise to the table. Greg Peel – Agribusiness, succession planning, understanding the unique dynamics of family business; Carl Valentine – Business advisory and strategic planning, solving complex problems which others in regional Queensland can’t. Andrew Whitehead – Tailored taxation, accounting and business advisory. Sonia Chalk – Agribusiness, high net worth individuals, medical and health. Colin Ryan – business acquisitions, divestments and restructuring, business growth strategies.
