Beating the recessionary blues: six strategies for growing a tech business during a downturn
At the start of 2020, the South African economy was already on the back foot. GDP shrank 1.4% quarter-on-quarter in Q4 of 2019, following a contraction of 0.8% in Q3. That was even before COVID-19 had arrived. The Moody’s, Fitch and S&P rating agency downgrades in March and April all signalled that the South African economy is in for a rough time over the next year at least. Recent research from Investec shows that most South African corporates are expecting a 10 to 20% decline in GDP for 2020 and they expect negative or flat GDP growth to continue in 2021. With industries such as hospitality, mining, manufacturing, construction and transportation under pressure, most companies are looking to eke out savings by sweating technology assets a bit longer and by trimming IT operating costs. Most resellers will not be able to grow their businesses without winning market share from competitors or diversifying into new markets. Here are some approaches they can ta...