Go Behind the Panel with judges from the Telstra Best of Business Awards for insights on how top businesses turn pressure into innovation, and constraints into long-term strength.
Running a small or medium business often means working within limits:
Yet across the businesses recognised in the Telstra Best of Business Awards, judges consistently see how those very limits can spark creativity and unlock new opportunities.
Here are four ways successful businesses turn constraints into fuel for innovation.
One of the clearest traits shared by standout businesses is their ability to spot opportunity, even if conditions seem tough. Rather than wait for the perfect moment, they innovate and reimagine what they can do to keep moving forward.
Wendy Lundgaard, Telstra Best of Business Awards State judge and CEO of workplace and behaviour change consultancy Win-Win Workplace Strategies, shares how this can start with anticipating long-term market shifts.
Look beyond the sector you’re operating in today, especially if it’s one on the decline. This can help you identify future opportunities in adjacent sectors or even new industries that are emerging.
Businesses that stand out for me are flexible. They look ahead and adapt their business plan to take advantage of new opportunities.
Wendy Lundgaard – CEO, Win-Win Workplace Strategies
Rather than resist change in your sector, look for opportunities to adapt your operations to align with the future of the industry. This kind of foresight is a hallmark of businesses that not only survive, but lead.
Constraints often force difficult decisions. Our judges note that standout businesses are not afraid to change what’s no longer working for them. Sometimes that can mean adjusting long-standing plans or evolving your business model.
Sometimes you have to recognise when a path is not working. Stop, reverse if necessary, and try a different approach.
Andrew Coronis – Chairman and CEO, Coronis Group
Andrew Coronis, Telstra Best of Business Awards State Judge and Chairman and CEO of Coronis Group, recalls a pivotal moment in his own business.
"Our corporate model wasn’t good enough to get us to 300 offices. We decided to flip our model and, to some extent, cannibalise our own business by introducing franchising. But once we did that, we went into hyper growth mode again."
Small business owners are often close to their customers. The judges say this proximity can create an ideal environment for creativity that has real impact.
Bill Lang is a Telstra Best of Business Awards National Judge and Chairman of Small Business Australia. He says staying close to the people you serve helps you regularly uncover fresh insights to keep you tuned in to customer needs.
The financially sustainable businesses are the ones that stay close to their customers and are constantly adapting to change.
Bill Lang – Chairman, Small Business Australia
Listening closely to what customers are saying can be a prompt for new offerings, service improvements or more relevant ways to deliver value. Since these ideas are grounded in real-world experience, they can be more likely to succeed.
Technology can help you move faster, stay focused and bring new ideas to life. The judges observe that the most creative businesses embrace technology to get to market faster or serve their purpose better.
Andrew notes, “the younger brigade of business leaders coming through are embracing the best available software, including AI. They’re not struggling with legacy systems. That’s a huge advantage.”
He says the adoption of technology is having a real impact on the businesses’ velocity.
I'm astounded by how quickly businesses can get up to speed. It's not a matter of time in business anymore. It's about efficiency.
Andrew Coronis – Chairman and CEO, Coronis Group
When time and resources are tight, tools that remove friction or manual overhead can be the difference between acting on an idea and shelving it. The result is a business that not only runs more efficiently but is also more responsive.
Simply put, it means you’re better placed to pursue innovation that aligns with your purpose.
Here’s what the judges say can help build creative momentum, even when you’re operating within constraints.
The judges agree that every leader should dedicate focused time to thinking about the future of the business. Structured self-reflection can help identify ways to improve your operations and set you up for continued success.
Bill Lang says the best leaders are curious. He advises leaders to read widely, network, talk to your peers and ask questions.
Be aware of what competitors and other industries are doing, not to copy them, but to spot gaps and opportunities.
Go back to why your business exists and who it serves. Being clear about your purpose can mean it’s easier to make the right decisions.
Your customers and community are your best source of insight, and the first to know what’s not working. Connect with them to keep their needs top of mind.
You don’t need a perfect plan to move forward, but you do need the confidence to test something new and learn from what happens.
The most successful businesses are not always the biggest or best resourced. Every business faces limits. The ones that rise to the top are the ones that stay grounded in purpose, alert to opportunity and unafraid to change when change is needed.
Constraints don’t always have to be barriers. They can often give you the focus and spark to pivot to something better.
Celebrating the people, purpose and bold moves behind Australia’s best of business.
The Awards give small to medium-sized businesses a platform to celebrate their achievements and stories with peers. Plus, opportunities to learn from Australia's best business minds. Nominate your own or another remarkable business today.
