It’s not going to be ‘business as usual’ during the Gold Coast 2018 Commonwealth Games.
But business owners who take control of the more unusual opportunities will be best placed to benefit from the event.
That’s just one of the messages to come out of a study commissioned by the Friends of Griffith Business School.
The research, by Dr Joan Carlini from the school’s Department of Marketing, looked at how the mega event would impact local private enterprise.
“The expectation is that there will be widespread benefit,” Dr Carlini said.
“But it’s not as simple as that. I’m encouraging businesses to think carefully about the disrupters and how they can turn these into opportunities for their business.”
In April 2018, more than 6500 athletes and their support crews will arrive in Queensland for the Commonwealth Games.
On top of that, billions are expected to watch events unfold from the comfort of their own home.
Griffith University’s Gold Coast Business Confidence Poll showed that 94 per cent of businesses surveyed were confident that the Games would boost the local economy.
However, the anticipated global attention may not translate to immediate dollars in the bank.
With this in mind, Dr Carlini suggested businesses think outside the square and leverage opportunities at both an individual and coordinated level.
“On a firm level, the aim is to increase revenue from impulse buys, using promotions or extended hours,” she said.
“On a coordinated level, the idea is to enhance the atmosphere of a precinct using promotions or theming, as well as thinking about alliances and resource sharing.”
Amery Burleigh, General Manager of the Sofitel Gold Coast Broadbeach, said she’s excited about what the Commonwealth Games will mean for the future of local business, noting she had already seen a shift towards more collaboration.
“Together we are going to be seen on the world market as grown up, as efficient,” she said.
“The things that we’re going to benefit long term from are on a personal level. Anyone working, functioning or directing over the Commonwealth Games period is going to become a much better business person.
“You’re going to step outside your comfort zone, there’s going to be periods where you’re going to be challenged and your business may not necessarily benefit from it. It’s going to take you to sit down and look at how you can benefit. When you go through those exercises, you grow – no matter what your business is.”
A snapshot of Dr Carlini’s research was shared at a recent Griffith Business School event, ahead of the release of a comprehensive report.