Wow it’s been a long time since I posted anything on my blog. I am going to have to blame computer burn-out, which has subsequently been cured with a 4 week holiday only logging on for the occasional email.
Anyway, a lot has been happening since the 5th of August as the world walks on egg shells waiting for the US government to approve the billion dollar bail out plan.
I have been particularly interested in the coverage relating the future of Web start-ups in this time of economic turmoil. Half the commentators are doom and gloom and others trying to remain positive and offer advice on survival.
As unemployment rises, credit contracts and people need to tighten their spending, any business needs to take inventory of where they are at and evaluate the situation.
The first and most important question is- do we have the money we need to survive? Can we keep operating?
Ultimately, money should be coming from customers from a sound business model and good revenue streams. This is essential. You need this to survive and it’s required if you want someone to invest in you as you will need to demonstrate how they are going to make money out of their investment.
The second question is (are)– am I executing an awesome product and are we a great company with an awesome customer experience?
In a time when the economy is contracting there is no room for mediocrity. If I have to choose between a great product or a mediocre one, I will choose a great one. If I have to choose between a company with friendly customer care or one that doesn’t return my emails, I am going with the friendly crew. If my disposable income is shrinking I need to be selective on things I am going to pay for, so I want the best.
What does your inventory tell you:
- Do you have money to survive?
- Is your business model solid?
- Are you building an amazing product?
- Do you treat your customers well?