News December 2008

At a recent meeting held at the House of Commons, Technology Sales and Marketing Coach, Terry Forsey was invited to offer an insight into how the downturn was impacting smaller technology companies.
 
The event was hosted by Mark Prisk MP, Shadow Minister for Small Businesses as part of the ‘Campaign for Enterprise’ and was focussing on ‘weathering the economic storm’.
 
Terry told the audience – made up of small business owners from all sectors – that he felt there were three causes of the ‘slump’ and one winning strategy. He calls it, ‘The 4 Ms’.
 
“The first cause is MERVYN King, he has no sense of the impact of his statements and accepts no responsibility for the chaos he caused,” reported Terry. “Closely aligned with this, is the second M - the MEDIA. This combination should shoulder the bulk of responsibility. I believe that the negative exposure given by the media has exacerbated the situation, by pushing bad news and talking the whole situation down.
 
“The third issue is the lack of MONEY from the banks. Banks became lazy in the good times and now seem to be alienating their existing customers. Government offered support to the banks in the hope this would help smaller companies, but like any other business, the banks are looking after themselves and avoiding risk - Government should forget helping banks if they want to help small business.”
 
Terry added that whilst he applauded the Government’s scheme to pay invoices in 20 days, they seem to have forgotten that most contracts are with large contractors and small businesses are subcontractors. While primary contractors have enjoyed better payment terms this has not been passed onto smaller businesses.
 
 “Recession is not wholly negative, there are opportunities. They come about as a result of improved MARKETING – the fourth ‘M’.  In the times of plenty, like the banks, we all became lazy - as customers beat their way to our doors - now we have to work much harder. Businesses must continue to market themselves, as in the ‘91 recession those who did so, outperformed others for the subsequent 3 years.”
 
Terry concluded by commenting that he feels the winning strategy involves maximising worldwide cultural changes; “Exchange rates movements create dramatic opportunities and small businesses should research the openings to harness this potential – the best place to start the search is with existing customers.”
 
For more information call 01536 771440 or email, terry@terryforsey.com. 
  

ENDS