What technology and communications revolution?
So what types of businesses are booming in a recession and where are companies focusing their resources?
The UK the Government is ploughing millions of pounds in to training to save the British economy. President Obama has his $825 billion plan to jump-start the US economy and create or save up to 4 million jobs. With an additional $102 billion going to help victims of the recession with unemployment insurance, health care, food stamps and job training. (USA Today 15/1/09)
With output falling and some firms having to lay-off or go to a shorter working week, people will need to spend their free time on education and training so they can keep their ahead of the game.
Many trainers and training companies which are funded through government indicatives, are training people back in to jobs and are seeing their businesses grow. These Training and Education businesses see all this change as good for them and their staff.
Many people believe that getting more education is the only way to stand any chance of getting ahead. Everyone seems to be looking for that something that will win the next order. Owners of small business, solo-preneurs and consultants are all spending as much of their free time getting as much education as they can while they have time on their hands. An investment in learning is what many are hoping will make them more appealing to their companies and their clients.
Many are becoming experts in blogging, social media marketing and using tools such as YouTube and Second Life for business purposes for their consultancy based businesses. This recession will be the catalyst a massive leap forward in learning, especially in social media and in the way people communicate and use technology.
Small entrepreneurial businesses will choose to work from home and have virtual offices on the web instead of actual premise in order to keep their overheads to a minimum. I expect that Second Life will be used in a much more business savvy way. The creation of virtual training rooms will be next to become mainstream for staff within large companies to train at times to suit their companies.
The recession will lead to a massive technology and communications revolution. Possibly as significant as the Industrial Revolution at the turn of the last Centaury!
Small business owners will still need to come together face to face and work the leads and connections that are available. That will mean a significant increase in local networking groups seeing a rise in membership. Where in the past, you might become TOO busy to attend, now, with more time being available, people are getting out and making those contacts and forming longstanding relationships with a view to building more relationship driven business.
One strategy being adopted by many independent consultants is, ‘let me do the work and pay me AFTER I get you the results’. That takes away any objection relating to ‘cash flow’ and is often the biggest issue preventing companies from doing anything new. This approach works for many solo business owners who work from home and have the advantage of lower overheads which makes it an option they are willing to offer.
