Introduction
The Brisbane Olympics 2032 are set to be a monumental event that will captivate audiences worldwide. But beyond the spectacle and athletic prowess, the Games present a unique opportunity for businesses in Australia. The question is: Is Your Business Ready for Brisbane 2032? This article aims to guide businesses in assessing and preparing for the myriad opportunities and challenges that the Brisbane Olympics will bring.
The Economic Impact of the Olympics
Historically, hosting the Olympic Games has been a double-edged sword for economies. While cities like Barcelona and Sydney have reaped long-term benefits, others like Athens have struggled with debt and unused infrastructure. For Brisbane and Australia at large, the projections are optimistic. The event is expected to inject billions into the economy, with sectors like tourism, construction, and retail widely expected to gain the most.
The Queensland Government anticipates a significant boost in job creation, international exposure, and infrastructure development. It is already gearing up for massive infrastructure projects, job creation, and international exposure, which will have a ripple effect across the nation.
However, the economic windfall isn't limited to Brisbane or even Queensland - the ripple effects will likely be felt nationwide.
Opportunities for Different Business Types
The Brisbane2032 Master Plan
The Master Plan for the Brisbane 2032 Olympic Games states that competition venues will be hosted in the following locations:
- Brisbane - 22 venues
- Gold Coast - 6 venues
- Sunshine Coast - 4 venues
- Regional Queensland - 3 venues (Cairns, Townsville, Toowoomba)
- Interstate - 2 venues (Sydney, Melbourne).
Local Businesses in Brisbane
The immediate beneficiaries of the Games will be local businesses in Brisbane. The city will see an influx of international tourists, athletes, and officials, leading to increased demand for goods and services - boosting local commerce.
Restaurants, retailers, and local artisans could experience a surge in business.
The city of Brisbane will undergo significant infrastructure development, offering numerous contract opportunities for construction and public services.
Local businesses stand to gain immensely, particularly those who have positioned themselves to take advantage of the unique opportunities that are likely to arise over the next 8 years.
Businesses in Surrounding Areas
Regions like the Sunshine Coast, the Gold Coast, and Toowoomba (which will house Olympic Games venues), Ipswich and Northern New South Wales will also likely feel the impact. As well as their dedicated venues, these areas could host training camps and auxiliary events, providing opportunities for businesses in construction, transportation, and public services.
Statewide Impact for Queensland Businesses
Cairns and Townsville will both house an Olympic Games 2032 venue, which will bring numerous opportunities to each city.
The Queensland Government is likely to issue contracts that span across the State. From waste management to public transportation, businesses that have experience in government contracts should prepare for new opportunities.
And for businesses without that experience, Blaze Business & Legal is able to help position you properly for your first government contract, particularly because Rachelle Hare has spent a number of years working for government and understands the requirements that private businesses need to meet in order to be awarded a contract.
Nationwide Impact
The impact of the Brisbane Olympics will extend beyond Queensland. Federal projects related to the Games may require services from businesses across Australia.
Whether it's supplying materials for construction or offering specialised consulting services, the opportunities are vast for businesses that have experience working with government bodies or who are able to obtain strategic business advice from consultants such as Blaze Business & Legal.
Not affiliated with, nor a sponsor of, the Brisbane 2032 Olympic Games
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Preparing Your Business for the Olympics
1. Identifying Opportunities
You need to identify what your business does and where it will fit into the complex map of infrastructure works, development, services, government contracts, planning, and other preparation leading up to the Olympic Games being held in the year 2032.
Is your business a service provider, who may be able to provide services to one of the Local Governments over the next 8 years?
Is your business a consultancy firm like Blaze Business & Legal, who will (and already is) advise other businesses on how to make the most of the opportunities in the relevant industries in the lead-up to the Olympics?
Is your business a supplier, who will likely be frantically busy over the next 8 years as major projects and construction works in Brisbane and the Sunshine Coast suck up all their supplies?
Or are you a retail or wholesale business, who may not see increased sales over the next 7.5 years but is likely to be frantically busy over the couple of months around the July-August 2023 Olympic Games?
Tip: Keep in mind that you will need to tender or bid for most opportunities relating to the Olympic Games 2023. Do you know how to deal with Government? Or, if you will be a smaller provider to a larger company, are you set up in the right way to allow you to win bids. Do you have a Modern Slavery Statement, for example?
2. Assessing Readiness
Before you can seize the Olympic opportunities, you need to assess your business's readiness. This involves a thorough evaluation of your financial stability, operational capacity, existing contracts, staff skills, and existing commitments.
Can your business handle the increased workload? Do you have the necessary cash flow to scale operations? Are your staff skilled in negotiating and administering contracts?
Answering these questions will give you a clearer picture of your readiness to capitalise on the Brisbane 2032 opportunities.
3. Put Proper Policies and Procedures in Place
All businesses need policies and procedures in place to ensure they can run properly and efficiently (and don't breach any laws). Have employees? Then you need various policies and procedures to govern how your staff will be treated, paid, trained, given leave, and various other things.
Thinking about providing work or services for the Brisbane Olympics 2023? Then you need your compliance Policies and Procedures even more!
Rachelle Hare has drafted dozens of Policies and Procedures for her clients over the years, and she can advise which documents you need and help you put them in place. Simple!
4. Structure Your Business in the Right Way
The right business structure is crucial for tax efficiency, scalability, and legal compliance, particularly if you intend to tender for contracts for the Brisbane Olympics 2032.
Tip: Consult with Blaze Business & Legal to ensure your business is optimally structured to take advantage of the opportunities the Olympics will offer.
5. Get Compliant
Not sure you're fully compliant with your Industry requirements, laws that apply to your business in your Industry, Australian Standards and ISO9001?
Blaze Business & Legal specialises in helping our clients get all their legal obligations and compliance requirements in place so they can move forward, grow and scale without worrying that they will be in breach. Contact us today to discuss how we can help your business.
6. Tendering / Bidding
There will be a huge number of Tender and Bidding opportunities for businesses in industries (particularly in Queensland and New South Wales) such as:
- Construction
- Infrastructure
- Manufacturing
- Building and Development
- Transport
- Professional Services
- Hospitality and Tourism
- Health and Allied Health
- Retail and Wholesale
But if businesses are not used to tendering or bidding, or are not structured correctly - or if they don't have their finances in order - they may miss out.
Tip: Rachelle Hare is an expert at Bidding and Tendering and has helped her clients prepare thousands of formal tenders and quotes over her 23+ years in practice. She can help you win a bid or a tender, and also ensure that you are able to make a profit out of the work you put in. Contact Rachelle today to ask about her Business Development Services and Strategic Bid Services.
7. Building Relationships and Networking
The Brisbane Olympics will be a networking gold mine. Attend industry events, engage with potential partners, and strengthen relationships with existing clients. For subcontractors, this is the time to build relationships with larger contractors who are likely to secure big-ticket projects.
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Risks and Challenges
Economic Risks
While the Olympics offer numerous opportunities, they're not without risks. Inflation could increase the cost of doing business, and the market could become saturated post-Olympics, leading to decreased demand. Businesses must be prepared for these economic fluctuations and plan accordingly.
We are expert risk advisers and can help you understand, and prepare for, any risk that is likely to arise over the next 8 years.
Operational Challenges
Scaling operations to meet the demands of Olympic contracts will bring its own set of challenges. These include staffing requirements, potential supply chain disruptions, and maintaining quality control.
Businesses must have contingency plans in place to navigate these operational hurdles.
Case Studies
Learning from past Olympic Games can offer valuable insights.
For instance, Sydney-based businesses that invested in long-term strategies during the 2000 Olympics continue to reap benefits today. On the flip side, businesses in Athens that failed to plan for the post-Olympic market downturn faced significant losses.
The key takeaway is that preparation and long-term planning are crucial for maximising the benefits of such a large-scale event.
Action Plan: Steps to Get Your Business Ready
- Conduct a SWOT Analysis: Evaluate your business's Strengths, Weaknesses, Opportunities, and Threats in the context of the Olympics.
- Financial Planning: Secure funding and ensure sufficient cash flow.
- Marketing and Promotions: Develop targeted marketing strategies.
- Timeline: Create a detailed timeline for preparations.
- Legal Compliance: Ensure all licenses and permits are up to date.
- Staff Training: Prepare your staff for increased workload and customer interactions.
- Supply Chain Management: Secure suppliers and create backup plans.
- Quality Control: Implement quality control measures for products and services.
- Business Structure: Consult professionals to ensure your business is structured optimally for tax and legal benefits.
- Post-Olympic Strategy: Plan for business operations after the Olympics to ensure sustainability.
Conclusion
The Brisbane Olympics 2032 offer a unique opportunity for businesses to grow and succeed on a global stage. But the key to capitalising on this event lies in meticulous planning, proper business structuring, and proactive risk management. The time to act is now, so start preparing your business to make the most of this once-in-a-lifetime opportunity.
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About the Author
Rachelle Hare - Managing Director and Principal Practitioner of Blaze Business & Legal
Rachelle Hare
Rachelle Hare is a highly experienced Construction Lawyer and Contract Lawyer, with over 23 years of experience in Tier 1 and Tier 2 Construction Firms, Top Tier Private Practice and Government.
With 23+ years of experience as a Senior Lawyer, Strategic Contracting Adviser and Management Consultant in Construction Law, Contracts, Major Projects, Commercial Advisory, Compliance, Procurement, Contract Management and Risk Management, Rachelle has the rare skills to offer you seamless business advice and legal advice to help support your organisation.
As well as a Lawyer and Business Adviser, Rachelle has also acted as a Strategic Procurement Adviser, Compliance Manager, Strategic Risk Adviser and Commercial Manager.
Rachelle owns Blaze Business & Legal, a combined Commercial Law Firm and Business Advisory Firm located in Brisbane, Queensland, Australia. Blaze Business & Legal assists a broad range of clients in the Construction Industry and related industries, and advises owners, contractors, subcontractors, NFPs and other organisations on a broad range of Construction Law, Commercial Law, Business Advisory and Management Consulting issues in Brisbane, Queensland and around Australia.
Rachelle also owns Blaze Professional Learning, where she offers practical contracting skills, hands-on experience in drafting and working with contracts, and industry insights to help Professionals upskill and advance their careers with real-world skills.
