Right now every family and business is going through a financial adjustment, limited expenditures as prices increase. This is only natural and to be expected. However, as you see your revenues shrink don’t cut back too much on spending. When the economy rebounds (and it will) you want your business to be in position to meet customer needs.
Imagine a hotel. They cut back on amenities, raise prices and don’t take care of their customers as special as they used to. When the economy improves and people start spending more, there’s already a bad impression of the hotel and customers can easily go to a competitor.
Echannel Line writes “Despite the global slowdown, SMBs across all regions need to look ahead to when the global economy rebounds,” advised John Roberts, Research Manager for Global SMB Research at IDC. . “Most still have a near-term focus, with only modest interest in technology areas that have been getting a lot of attention elsewhere.”
Roberts suggested that SMBs could stand to focus more on eCommerce, customer relationship management (CRM), Business Intelligence, wireless mobility and voice/data convergence solutions such as VoIP. He cited these areas in particular as ones that SMBs were either not deploying fast enough or missing out on altogether as ways to improve their businesses over the long term.
You can read the full report here.
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