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Diversification and future proofing in uncertain times

As most of Australia once again knuckles down in a COVID-enforced lockdown, the businesses that diversified their income streams during the first wave will be the ones to survive.

The world is still feeling the lingering effects of the COVID-19 pandemic, and in all likelihood, will be for some time. Australian Treasurer Josh Frydenburg recently stipulated that the federal government’s budget will be in deficit until 2060, citing the financial damage the pandemic caused.

The harm trickles far further down than government, and over the past 12 months countless businesses have been forced to temporarily close, reevaluate themselves entirely, or even shut their doors for the final time. With mandated government lockdowns now in place around most of Australia, these realities are kicking in again, and fast.

covid future proofing
Photo: Dani Hansen

Some industries – the arts, hospitality, retail, and education chief among them – are bearing the brunt worse than others. Though from hard times often come brilliant moments of inspiration, and the businesses that have survived the first COVID-19 wave (and likely further waves to come) have done so by diversifying into other, less affected areas.

Read the full article on We Are Happy Media.