What business can learn from the Australian election
The distrust and disengagement of voters in last weekend’s election holds valuable lessons for business.
As the politicians have found, the days of empty slogans are over. If you say “people are your most important asset”, “service with a smile” or “no question refunds” then you have to be sure you value those smiling employees as they cheerfully refund money. Otherwise your disgruntled staff and customers will be letting the world know the truth quickly.
We’re in an era of accountability. The connected society means all of us — in our professional, political and personal lives are more accountable than we have been for several generations. This is even more true of our businesses.
A good example of this is restaurants; where twenty years ago few eating places were reviewed by newspapers or magazines while most scored a paragraph in an annual guide, which could have been up to two years out of date by the time it was in the bookstores.
Today dozens of rating sites give customers the opportunity to report their experiences and customers are reading those reviews before they choose where to dine.
The same process is happening in all industries, your business is being reviewed and discussed online in forums, blogs and various social media channels. You have to deliver on your promises and you will be caught out if you don’t.
For society, the Internet and the new communications tools that run on it are changing how we deal with our peers, customers, employers and staff. We have more power and we have more responsibility.
It’s interesting this point was missed by the political parties that ran campaigns that relied almost exclusively on TV, radio and print. Although it isn’t surprising seeing that both parties’ 2010 campaigns seem to operate in a 1960s time warp where cheap fuel, plentiful credit and unlimited mineral exports were the nation’s boundless future.
This sort of complacency is understandable when you have a duopoly. As we know in the business world, a comfortable duopoly breeds cosy, risk adverse managers who spend more time squabbling over who should have the keys to the executive toilets than worrying about minor things like staff, new products or customer satisfaction.
Which is what’s happened to our political parties; winning the privileges of power is all that matters to the factional warlords and their supporting ranks of scheming apparatchiks; just like second rate managers in a cosy, protected industry.
The underlying beliefs of the major parties — free enterprise, a strong regional Australia or a fair go for the Australian worker have all became empty slogans and their markets, the voters, are now holding them to account.
In many ways the three or four independents who will hold the balance of power are like upstart business that disrupt cosy markets, they are reminding the incumbents of the business they have chosen to be in.
That’s the biggest business lesson from last weekend’s election; that in the new global economy the barriers to entry have fallen and new businesses are waiting to grab the customers you’re neglecting. Markets are moving quicker than ever and you need the tools and the teams to take advantage of the opportunities.
Unlike the political world, today’s business environment has no place for the safe, comfortable incumbent. It’s a great time to be a genuinely smart company.
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