The world has been a challenging place in 2020, with the global COVID-19 pandemic taking hold and threatening businesses across a range of industries. The pandemic's impacts have been felt by manufacturers and suppliers – both in terms of operations and supply chain logistics pathways cutting down.
Despite changing economic conditions, there are still plenty of opportunities across these industries during challenging times like these. Here are some tips to help you not only ride the wave, but come out the other side in a stronger position.
How your business can help stop the spread of COVID-19
During the pandemic, it’s important that all employers and businesses carry out proper safety measures. To better understand how your industry can play a part in stopping the spread of COVID-19, we recommend exploring the detailed information Safe Work Australia has online. This resource breaks down businesses into categories, examining how each sector can keep risks at bay.
For a full list of symptoms and what to expect, we recommend reading through the official information provided by the Australian Government.
Australian manufacturing set to increase in the post-COVID-19 world
Manufacturing in Australia has been on a steady decline since it peaked at almost 30 percent of the gross domestic product. At the start of 2020, manufacturing plummeted to just six per cent of GDP. However, it’s expected to increase in the wake of COVID-19 with industries focusing on securing their supply chain.
Furthermore, Australian sentiment is shifting back to a preference for local suppliers whilst limited global travel makes sourcing local an attractive option. The federal government has established a task force to support domestic suppliers and help re-build the local manufacturing industry.
Take advantage of reduced confidence in offshore imports
Many countries face issues exporting their products and there are question marks over both the quality of goods and reliability of delivery times.
This has led to many Australian companies looking within our borders and sourcing locally rather than offshore, presenting growing opportunities for local manufacturing operations.
Commercial properties are still available for lease and purchase
The downturn in the Australian economy has led to more commercial premises becoming available within leasing and selling capacities. There is less competition for larger spaces with more features and properties in prime locations.
For Australian manufacturers, this presents opportunities to upscale operations and prepare for an industry boom as domestic manufacturing experiences growth alongside increased demand.
Investing in these commercial real estate opportunities now will see your business well-positioned as restrictions gradually lift and the world starts to grind back into action.
Facey Property has a large portfolio of prime commercial opportunities available in desirable locations around Melbourne and regional Victoria.
Our team is still operating remotely and can help you safely, quickly and easily obtain a property that will allow your business to excel in the post-COVID-19 economy. If you are looking for a space for your workforce, we highly recommend taking advantage of these opportunities now.