2020 a year like no other

2020 has been a year like no other, Business Director Richard Oakley shares his opinion on the recession, retail, and how a routine focused on the detail has been vital for keeping a positive mindset in lockdown and the business looking forward.

There is no denying that these challenging times have impacted us all, especially those of us directly and indirectly involved in retail, hospitality and small business.

I’ve found that being particularly organised, fact-minded and focused on the detail has kept me anchored and provided a balanced mindset during this time. It might not be everyone’s ‘cup of tea’ but I take a keen interest in gathering all the financial information and systematically ordering and understanding the intricacies within the business.

The only way we have been able to adapt to the ‘moving goal posts’ is by closely monitoring project activity and reviewing budgets daily at a granular level. This is critical given how much more there is to consider, the challenge of managing the team working from home and the strict lockdown periods here in Victoria. I am also now modelling contingencies for the remaining calendar year and 2021 which seems like a vastly different prospect from this time last year.

With regards to the recession, I do agree with the general sentiment that this recession feels different to the one experienced in the 1990s and also the GFC. The main significant difference being that the Government intervened so quickly to smooth the cycle and support households like they have never done before. And despite the gloomy headlines surrounding job losses and struggling businesses, Australia’s economy is fairing much better than expected and reasonably well when compared to other overseas countries. We can see in Australia the share market is still relatively stable, that big players in retail are still posting profits and there are many that are using this time to get their house in order, rationalise their store networks and negotiate their position with landlords.

We have been working closely with our clients to support them in this process and assist them to review their design strategy, creative requirements, and their delivery process, with many using this time to consolidate and reset. It has been encouraging to talk with key leaders within these businesses who have shown clear direction and vision for the future despite the uncertainty and retail closures in Victoria.

Internally at Sandbox we have been focusing on our own team and their needs during this time and taking steps to improve our culture to better reflect the business values. It has been a surprising positive that by slowing down we have been able to reflect on how we collaborate and what we need from each other. Reviewing our own roles within the business and looking at where we can add value and contribute to others growth in the team as well as using critical creative thinking to innovate and problem solve for our clients.

We’ve all found working from home to have its pros and cons but for me personally the absolute negative is the lack of energy and contact which I believe is critical for productive teams and optimal results. The daily brainstorming, face to face collaboration, office banter and general buzz of people together is what makes us all feel happier and more ‘alive’. I know I will never take coming into work for granted again!

It'll certainly be a very interesting next financial quarter, but we are optimistic for a positive rebound in retail and we are very hopeful for hospitality to open up and return following lockdowns. I’m definitely looking forward to getting back to my local cafe for a lazy breakfast and catching up with friends over a few drinks at the pub.

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