The recession has created a number of conditions that could make it the perfect time to start up a new business, according to customer service guru and expert contributor to Marketing Donut, Derek Williams.
Bristol, UK, May 29, 2009 -- The recession may be biting but it could be the ideal time to start a new venture, according to a top customer service expert.
The recession has created a number of conditions that could make it the perfect time to start up a new business, according to customer service guru and expert contributor to Marketing Donut, Derek Williams.
“In many ways the ground is most fertile at the moment,” he says. “There’s nothing to stop an innovative new business starting at the moment.”
Williams is the managing director of the WOW Awards, a special programme that help clients to improve their customer service and communication by soliciting customer feedback. “This is my third recession,” he says. “And I have realised that I am at my best during a recession. I am always looking for ways to do things differently and better.”
New ventures that break the mould stand a good chance of succeeding, according to Williams. “But businesses must have a unique selling proposition,” he cautions. “You’ve got to be more innovative and create value for your customers. Look and see how one customer might lead to another.”
There are several conditions that make this the right time to start up, says Williams. Firstly, start-up and running costs are falling. “Everything is negotiable at the moment. It’s a good rule when starting a business to keep your fixed overheads as low as possible. You can do that by shopping around for the best rental terms for premises. There are some great terms on managed business spaces at the moment. A new venture can be up and running very quickly.”
The way that some existing businesses are tackling the downturn could also create opportunities, he adds. Many firms are busy down-sizing and some, it seems, are simply riding out the recession. “I think many sales people have stopped selling because they don’t think they’re going to get a sale,” says Williams.
In addition, some consumers have money to spend. “Unemployment is rising fast,” says Williams. “But at the same time, low interest rates are putting a lot of money back into the pockets of those that are still working.”
For businesses looking to borrow, these low interest rates are very appealing. However, getting finance is no easy matter. “Banks are under the spotlight. They are pretty conservative and are only comfortable with what they know.”
However, he says there’s also a lot of help and support for small firms and new businesses from services such as Business Link at the moment.
It’s worth remembering that Hewlett-Packard, Microsoft and Dyson all famously launched in previous recessions. This downturn could well produce some of the business successes of the future.
Further information:
Become a Marketing Donut expert by visiting the BHP Information Solutions website www.bhpinfosolutions.co.uk/Who-we-are/Experts.aspx
Register for Marketing Donut here www.marketingdonut.co.uk/user/register?destination=node%2F27
Find out more about the WOW! Awards here www.thewowawards.com/
Contact: Mick Dickinson BHP Information Solutions Ltd Bristol, UK Tel: 0044 (0)117 904 2224 Mob: 0044 (0)7816 680 266
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http://www.bhpinfosolutions.co.uk
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