Already Australia’s third largest economy contributing over $100 billion in 2013, Western Sydney is on an economic growth path, with ample opportunities at the fingertips of businesses throughout the area.
A recent report from PWC suggests Sydney’s economic ‘centre of gravity’ has shifted away from the Sydney CBD over the last decade; towards Sydney’s growing Western Sydney CBDs of Bankstown, Liverpool, Parramatta and Penrith, as well as business parks Macquarie Park and NorWest.
This economic shift west signifies huge opportunities for emerging businesses and their leaders.
By effectively navigating challenges, evaluating opportunities and working through strategic and operational issues, leaders have the potential to accelerate their business into the future.
At The Executive Connection, the world’s largest CEO network, we are working with business leaders in Western Sydney to help them develop leadership capabilities that are essential to harnessing these economic trends.
See the big picture
It's easy for leaders to be complacent and content with their current business approach, however it's the companies who challenge themselves to find the next solution, the next answer, who are best placed to realise their future potential.
It’s easy to get lost in the weeds at work. Being heads down and getting the job done has its place, but as a leader it’s critical to look up. Leaders must reflect on how things are going, consider alternative strategies and opportunities, and ask yourself the hard, high-level questions needed to propel your business forward.
Guidance from former CEOs and mentors can help business owners and leaders to gain another perspective and gives you someone to bounce ideas around with. They will push you to make the hard, but needed decisions and provide guidance and feedback as you grow your business.
Shift your mindset
If you’ve seen the bigger picture, you know that opportunities to increase services, talent and revenue are plentiful; however it requires you to push your mindset to places it hasn’t been before.
Thinking locally may have got your business to where it is now, but it may not be enough anymore. No longer confined to the city, today’s business landscape has the potential to see workers and customers migrate all over the Sydney region in the search of a good product and experience.
By expanding your competitive thinking to include other areas of Sydney, such as the North Shore, Eastern Suburbs or the Inner West, you’re making your business available to millions of prospective new customers.
Geography is just one part of this. It’s time to think big if you want to keep up with the future of Western Sydney.
Prepare to innovate
Although every organisation will have its own priorities and sector-specific issues to balance, businesses that fail to innovate run the risk of losing ground to competitors, losing key staff, or simply operating inefficiently.
Innovation can be a key differentiator between market leaders and their rivals. Successful businesses respond to their current customer or organisational needs, as well as anticipating future trends and developing ideas, products or services to meet this future demand rapidly and effectively. Innovation will help you stay ahead of your competition as markets, technologies or trends shift.
Stephanie Christopher is Chief Executive Officer of The Executive Connection, which has more than 20,000 members globally and 1,200 members in Australia and New Zealand. For more information on The Executive Connection, or to enquire about joining an executive group, contact Georgie Duckworth, Manager, Strategic Alliances, The Executive Connection on georgie.duckworth@tec.com.au
