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How Australia might transition to the new economy

by Sequel |

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May 31 , 2016

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The Sydney Morning Herald's Clancy Yeates asked one of the biggest questions of this election, where will new economy jobs come from?

My industry is well and truly in the new economy. That is, the Virtual CFO industry. My former industry, Accounting, is well and truly on its way.

So as Clancy muses today about what a new economy transition looks like, or rather, suggests that we don't know what it looks like, I think I can put forward some ideas.

Current Trends

The article observes: -

  • Australian Jobs are under pressure by machine automation,
  • Australian Jobs are growing in the services sector,
  • There is an opportunity for jobs  for people "doing things that require us to think and act in ways that even the most advanced machines cannot".

I’d like to add some other observations into the mix

  • Australia is one of the easiest countries in the world to run a business http://snip.ly/vjiq6
  • We have emerging business services technology companies as do our New Zealand neighbours to look to for inspiration and advice
  • Our internet is getting better and cloud computing is increasing our ability to access more information, clients, and reduce the geographic boundaries that used to exist http://snip.ly/w7wjo

New Jobs or New Small Businesses?

So if we take those trends, and apply some thought to where they could lead us we may end up in place where new economy jobs, are actually new economy small businesses. I am suggesting that thousands of new small businesses can not only ease the burden of a post mining boom transition, but actually better strengthen us to take on the rest of this century.

Here’s what I think the new economy could look like.

  • Current employees should be encouraged to become employers and start their own small businesses
  • Mass education and training in technical skills and “new economy” business basics to support employees transition into entrepreneurs and small business owners
    • A “New Economy Business Basics” program could cover
      • How to set up a business
      • How to find a product market fit
      • How to market a business (online and offline)
      • How technology can run a businesses back office function
        • HR
        • Virtual CFO and book keeping
        • Tax and GST
        • Online Lead Generation
        • Online sales stores
        • Social Media basics for business
      • This will create added benefits of new jobs and businesses in the training services sector
      • An opportunity to reset the broken RTO sector http://snip.ly/r0pqu
      • Support for Australian business services start ups building technology to make business easier

Now an obvious argument against this plan is that not everyone is made to run a business, much less a modern economy one. But this challenge of changing from the old to new economy is large and burying our head in the sand wont help anyone. All ideas should be accepted.

Can This Be Done?

And we already have a role model of someone who was an unlikely successful small business owner. One of our countries most loved entrepreneur’s Darryl Kerrigan from “The Castle” who went on to run a thriving logistics services business.

Now as for those who think the new economy isn’t a thing, well….tell ‘em they're dreaming.

If you are interested in seeing how a new economy services business works, check out our article  http://www.sequelvcfo.com.au/what-is-a-vcfo/

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