Posts tagged with “business”…

Surviving the Credit Crunch

Posted by Andrew, 2nd February 2009. Share this:

• business
• credit crunch
• focus

The recent financial events have got me thinking. What sort of businesses are best placed to survive the ongoing recession, and even take advantage of it?

I think the answer is to find something you can do well. When you look at successful businesses, the most common pattern is that they do one thing well. Conversely, businesses that spread themselves too thinly often find that they are unable to focus on one area and therefore suffer 'death by a thousand cuts'. Just look at Woolworths here in the UK. One of the key reasons in their failure in recent times is that they were the epitomy of the old fashioned general store, selling as many different types of product as possible, and therefore weren't able to make a name for themselves in any particular area.

The same can be true of technology start-ups. Just look at some of the leading tech startups in recent years; you'll find they all take a single, often really simple, idea and do it well. Whether it's YouTube allowing users to share videos on the Internet or Huddle (who we met with right at the start) allowing businesses to collaborate, everything starts with a good idea.

This concept of a single idea, done well, is particularly suitable for the current economic climate. Given the right idea, there is a good opportunity to enter the market and grow a business organically to maturity, so as the economic climate improves, you can be in a much stronger position than your rivals to reap the benefits. Even more established companies can take advantage of this. Working with our clients we are able to help them develop appropriate technical solutions that put them on a strong footing to make them more responsive and more efficient than the competition.

So if you've got a bright idea and feel now is the time to put it into practise, or you're a more established business that wants to make fuller use of technology to drive you through the current climate, then why not see what we can do for you?

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