Dotcom companies in urgent need of reality check
Consultancy firm Ernst & Young has launched a survival guide for the UK's troubled dotcoms
Consultancy firm Ernst & Young has launched a survival guide for the UK's troubled dotcoms.
Tim Gordon, partner at Ernst & Young, said, "The world of e-commerce is currently on a roller-coaster ride for companies and investors alike. Dotcoms are re-writing the rules, but must realise that certain old economy business laws still apply. A well-run business is a well-run business regardless of its medium of customer access and delivery - traditional or electronic."
He said the main asset for dotcoms in the present climate is "a strong sense of realism". "Being realistic about what you can achieve doesn't dilute your vision or compromise your ideals. Instead it focuses you on practical problems and solutions and sends a clear signal to investors and shareholders that your business may be in cyberspace but your feet are firmly on the ground."
Ernst & Young tips for dotcom survival:
Appoint non-executive directors who are experienced business people
Actively seek the opinions of shareholders, suppliers and customers
Incorporate their opinions into the business strategy
Control cash-flow rigorously
Identify, measure and act on the key drivers of success ensuring the whole business understands them.
Trust in teamwork and construct a well balanced team
Create a customer-centric business
Deliver on your customer promises
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