In his latest blog for Infologue.com, Kings Secure Ltd CEO, Bob Forsyth discusses the effect that the looming recession will have on businesses, particularly start-ups.
The scramble for Tech advancement and adoption is only quickening in the current crisis that the World finds itself in. The latest GDP figures for the UK show a sharp and deep recession and one that may take some time to bounce back from. The loss of jobs in the economy is going to take a toll on the Government’s spending and investment plans, and the plans for companies for new investing could take a hit. A new business start-up or launch could be badly affected with lack of capital, or a nervous investor looking to minimise cash usage, which is completely understandable, but may in the longer term be counterproductive.
At KST (Kings Secure Technologies) our approach has always been to lead from the front and adopt and adapt to a changing world; being ready to invest time and collateral new technologies that we feel will make a valuable difference to a client’s estate, or benefit its productivity etc. In the last couple of months we have launched new partnerships with Openpath, a brand new access control product from the US, we have launched our new home IoT security product with abode, and have started to move forward with our own proprietary software solution called DYMENSiON a data analytics tool. The business has therefore strengthened its service model in the Access Control market a core area for the business, entered the Smart Home market and will enter the SaaS market with DYMENSiON. We are spreading our business interests wider to ensure we move with the growing new areas of the economy – not just sitting in our own space that we occupy today. We continue to expand our offering in a market that is uncertain, however we have a vision of the longer term that ultimately drives our thinking.
The incubator businesses (new businesses that start up and benefit from a larger resourcing structure) are the longer time creator of value and will in the longevity of time be themselves overhauled and overtaken. There is a real talent to this part of the business model; giving the incubator business enough air and fuel to thrive and grow, while keeping it away from cash concerns or P&L expectation in the short term. All businesses will be taking stock of the shock of the Pandemic and realigning its objectives and outputs to be able to roll with the punches. Our job as business leaders is to guide and move the business to where it needs to be in 3 to 5 years’ time – not play the current playbook in the space it’s always been.