The survey from The Entourage noted that of the winners during the pandemic, one-fifth of business owners accelerated their top-line performance by 20 per cent.
It also noted that while many business owners have stayed afloat through a combination of fiscal, monetary and spending stimulus, some business owners have shunned the handouts and gone the other way.
The Entourage founder Jack Delosa said the winners in the COVID era have either found new markets or pivoted into ancillary opportunities, and that “it’s not a case of gloom everywhere”.
“The impact of the coronavirus-induced recession has been very uneven,” Mr Delosa said.
“Our members confide regularly in our panel of 27 mentors on matters like setting up online, rationalising costs or understanding new trends in consumer preferences instigated by COVID.
“Learning new hacks have allowed some of our members to break through seven and eight figures of revenue.”
Some COVID success stories
Shiran Faast owns hydroponics retailer Aqua Gardening that has capitalised on the trend of Aussies spending more time at home.
“We should have had our worst months ever, but ended up having our best. We tripled our revenue in a single month and did $450,000 in April alone. That was the same month we shut the doors to our shop and moved everything online,” Mrs Faast said.
Similarly, Chris Bertuccio owns boutique chocolate patisserie COCO88 and quickly pivoted in response to COVID.
“We moved our entire chocolate shop online in just two days, and within 30 days we had made $80,000 in online sales,” Mr Bertuccio said.
Source: The Entourage