Is it all doom and gloom? No, but it's tough, and it's going to affect businesses in every sector, IT included.
That, combined with a larger number of firms potentially outsourcing more and more of their work, is the kind of opportunity that a strong, local firm may be able to do something with.
Do and Dont...
Do:
Keep on top of budgets
Listen closely to customer's needs
Streamline costs
Be willing to look overseas for business opportunities
Adapt
Don't:
Overinvest in stock
Be 100 per cent risk-averse
Let finances get out of control
Depend on just one or two customers
Take too much heed of the doom and gloom headlines
Is it all doom and gloom? No, but it's tough, and it's going to affect businesses in every sector, IT included. Signs are that should another recession be confirmed, it won't quite be as harsh as the last. The lesson of 2008, though, was that businesses that adapted and streamlined generally came out of the other end in better shape. There's little reason to suggest the same won't be true again
