The Game-Changing Tactic to Flourish in the 2023 Recession
A recent industry report on software spending sounded the alarm. Over the past six months, their index went from 55, which is bullish, down to 50, which is neutral. Anything under 50 signals a contraction in general software spending.
To most, this is cause for concern. To some, it is the chance to use a time-tested tactic to take a huge step forward towards the top of your market.
These are the reasons for the slowdown:
The 2023 Recession Takes it Toll Technology Spending:
- As profits contract, so do technology budgets. They will continue to spend less on new software.
- They will be more conservative about the new software they buy.
That makes life a lot harder for startups with unproven brands. It also makes life difficult for purchasing managers for software -- who don't want to lose their jobs by taking unnecessary risks.
What happens now?
Major companies are still running on operating systems from over a decade ago. Today's computers can last longer, allowing businesses to make do with what they've got until times get better.
Technology That will Help Businesses Conquer the Recession of 2023:
Today's software needs to up its ROI.
The next wave of applications must accomplish the following:
1. Increase productivity.
2. Enable a company to expand on how it does things differently to make a product nobody else does.
3. Underwrite new initiatives to cut costs, evolve your product, and reorganize staff to do more with fewer resources.
The next wave of software investment will be in custom-made applications. These are alternatives to generic software brands for everything that does what the generic options do, but in a way that ideally reflects how your business operates.
The Game Changing Tactic That Gets You Through it All:
Custom software lets you dictate how your applications operate -- based on how your teams operate. You can decide what features the apps will include and what you don't need.
If you hold market share in an expanding economy, your industry will expand and so will your business. If the economy is no longer growing, or begins to contract, the only way to keep growing is to grab market share away from your competitors.
The key is to identify your advantages over everyone else. What do you do better? What value do you deliver to your customers that nobody else does? What do you do a little bit differently that makes your business exceptional?
Custom software molds itself to the processes in your business that make you stand out. Instead of tailoring how you do business to a generic application, we develop software that shapes itself according to what you do best, enabling you to get even better and break away from your competitors.
You pay for only what you will be using. You can evolve your software to match how you evolve your business.
I have been developing such solutions and helped many businesses navigate such uncertain waters throughout the recessions of 2002, 2009, and 2020.
We will get through this together. When the dust clears, you will be stronger than ever!