COVID-19 has knocked us all sideways. For some, it has meant the loss of a job and livelihood to put food on the table. For others the most tragic of circumstances, the loss of a loved one. But for many here in Australia it has brought us closer to our community, our families and our purpose for being. It has been a time for reflection, to think about others doing it tough both at home and abroad.

As with every social or environmental upheaval, it is the most marginalised and vulnerable who bear the brunt. Emerging evidence shows this is true for the COVID-19 pandemic. We may all be in the same storm, but not in the same boat. The World Bank estimates that the pandemic has the potential to push more than 100 million people back into extreme poverty. This will not only cause death and destruction but it impacts on people’s confidence and hope for the future.

Exacerbating this will be the widening gap between rich and poor post-COVID-19. We saw after the Global Financial Crisis (GFC) the inequality gap widen, and this situation will likely be even more pronounced as we move into 2021. While some inequality within business can promote healthy competition, the kinds of inequality we have seen and are currently seeing is not good for any of us. This gross inequality contributes to conflict and the proliferation of wars along with environmental destruction, further exacerbating the climate crisis.

So how do we help people and business survive COVID and then thrive coming out the other side? It has been encouraging that many have responded positively to the fact we must ‘end COVID for all’. Until COVID is over for all of us, it is not over for any of us. But what happens when we reach that point? How do we truly ‘build back better’? How do we create a more sustainable and equitable Australia whilst contributing to a better world?

Many have rightly told me that survival comes first. I have been inspired by many in my network over recent months who have been flexible in their support for causes both home and abroad. This flexibility has allowed organisations and businesses to pivot their operations to get through this difficult period. Such flexibility and adaptiveness really speak to the relationships that have been developed over a long period of time.

On the business front, the Small to Medium Enterprise (SME) sector has and continues to experience a world of pain. In response, The International Chamber of Commerce (ICC) has launched a campaign to Save our SMEs. The ICC highlights that 40-60% of businesses do not open after a disaster. That over 4 million job losses within that sector have already been felt in the first half of 2020. This campaign spearheaded by the ICCs Secretary-General (and fellow Australian) John Denton deserves our support.

In developing economies, The Aspen Network of Development Entrepreneurs (ANDE) has reported that approximately 40% of SMEs and up to a third of capacity development providers are in danger of failing within six months. We must support the survival of this critical sector.

Beyond survival, we must restore a sense of purpose in life and work while building optimism for the future. We must create new industries that not only give people pride in putting food on the table, or sending their kids to school, but also nourishes both community connection and the environment.

It is for these reasons I have established The Good Business Foundation (GBF). I believe business, purposeful and impactful business, to be at the heart of building back better. It is moments like this I think of my father, who after the end of the second world war started a dry-cleaning business in Fitzroy. He started with just 2 employees that grew to over 35,000 people working across 20 countries. People just like my father are out there, in places like Timor-Leste and PNG, starting small businesses in challenging circumstances. Their dreams and aspirations are great and I intend to support them in the best way that I can. This is not just a nostalgic memory, it is about real jobs and building toward a new and regenerative economy.

To do this we must be intentional in our work. Many entrepreneurs in current and difficult circumstances may quite rightly be just thinking about survival. I see the role of the GBF, therefore, to work with these resilient entrepreneurs to create a new and pragmatic vision for the future. The Yunus Centre at Griffith University has outlined seven domains for catalysing recovery and regeneration. Such a framework helps us see with some positivity the opportunity of current times.

Let me be clear, this work is not without challenges. In low-income countries, the SME sector is often referred to as ‘the missing middle’. These are businesses too large for microfinance funding and too small for investors. This is despite the fact that they contribute significantly to national and global GDP levels as well as jobs. It is estimated the SME sector employs up to 80% of people in many countries, employing billions globally. In Indonesia, according to the NGO Good Return, SMEs receive only 6% of their funding from bank loans, despite contributing over 60% of the GDP.

Given these factors, the GBF will focus its ‘build back better’ support towards the SME sector in the Asia Pacific as well as indigenous-led businesses here in Australia. We plan to work with respected partners in building the capacity to impact businesses within these emerging markets. We will encourage capital to move toward these businesses in building a self-sustaining and self-determining pathway out of poverty and entrenched disadvantage. We will be promoting this work within business and social networks. We hope others join us, not only because it is good for those it directly impacts, but because it just makes good business sense.

For those of us who have the opportunity, we must find a real and tangible way of building back better. This opportunity is with us right now. The best news is we have already started. Let’s keep going!

Peter McMullin is a businessman, lawyer and philanthropist. He is the current Vice President of the Confederation of Asia Pacific Chambers of Commerce and Industry (CACCI), and former President of the Victorian Chambers of Commerce and Industry (VCCI).