The nation's economy stands to reap the benefit of a $70 billion windfall if our current generation of business leaders focus more on improving their own performance according to the recently released Deloitte Access Economics Businesses of Tomorrow report.

The report commissioned by Westpac found one of the least reported facets of a successful business was the ability of leadership teams to focus on a series of core characteristics including connectivity, management and strategy skills, international experience and fit-for-purpose education.

According to Deloitte Access Economics partner, John O'Mahony, we all know the headline issues affecting the economy such as the end of the resources boom, a slowdown in China as well as the rate of technological change and digital disruption yet the biggest driver of business process improvement is simply "improving management practices".

"What will make the successful businesses of tomorrow whether they are a start-up or a larger business is the ability to adapt to change. It's not just about staring at a map or table outlining the current economic conditions or trends."

For O'Mahony, it's about a management team understanding the most important traits their business needs to succeed including having the right strategy in place, the right governance and a strong focus on a collaborative culture no matter what the economic environment.

Clear visions

The report was released to coincide with the launch of Westpac's Businesses of Tomorrow program, part of Westpac's bicentennial celebration in April 2017. According to Westpac, "The program will support business potential though recognising 200 Australian businesses, both large and small, which are doing well today, and have a clear vision for tomorrow."

Westpac's general manager, SME Business Bank, Julie Rynski, says Australia is seen as a bit of a trailblazer when it comes to innovative ideas and the Businesses of Tomorrow program is about making sure local business becomes stronger. She says while the report reiterates many of the ideas we already intuitively know, it emphasises the importance of connectivity and collaboration.

And what Westpac hopes to facilitate is increased connectivity between Australian businesses.

"We don't have all the answers but we can assist customers to connect with others. Even when things are not going well we can help a business with what it's not so good at so you can focus on your business.

"Moreover, it's amazing how so many of our customers or businesses are happy to share their experiences. We can even put businesses in touch with other business customers who have been successful, so they are not trying to do everything all on their own."

Collaboration vital

Online wine retailers Naked Wines, which basically fund the winemaking process, has built its whole business around collaboration and connectivity. Managing director Greg Banbury says it lies at the core of the business.

"We have an amazing team built around the cause of facilitating a direct relationship between winemakers and wine drinkers. Consumers want to know the product is being sourced in the right way and, in the past, winemakers have been pushed into the background. We've connected the winemakers and the consumers – they can talk to each other directly and for both sides that interaction is vitally important," Banbury says.

"It's a virtuous circle where the customers are happy and the winemakers receive real direct feedback from their customers.

"What the customers are doing is basically funding the winemakers do what they do best without the hassle. Consumers can see through all the old marketing tricks so we can just focus on great product, great stories and be genuine."

For Banbury, collaboration also means working with other businesses with similar customer bases but in different verticals such as Aussie Farmers Direct and the Book Depository. These relationships might mean marketing each other's offerings or it could mean sharing ideas.

"Together we can achieve a lot more than we can on our own."

Opening doors

He says Westpac were one of the few banks that understood the potential of collaboration and have helped facilitate relationships across the board.

"They realise that if we grow, they grow and they've opened numerous doors for us and really helped at the top of the sales funnel by assisting us tell people about what we do."

That collaborative story goes beyond newer businesses reaching out to others because it also lies at the heart of ensuring the nation's larger businesses continue to thrive tomorrow.

Deloitte's O'Mahony says one of the weakest traits of Australian corporates is their inability to collaborate with other businesses, universities or organisations internationally.

"There's too much of a focus on who's winning or losing. We need to be more collaborative. Business relies on other business so it's important to get the networks right as the best ideas often come from different sources."