Danny Butler:
I think one thing I was gonna ask you guys is as a as a start-up, as a small business. What tips would you give to other startups on how to how to get through this, ultimately?
Teo Borschberg:
First of all, I think it’s important to listen to what’s out there, but to be critical about what is once the situation within its own four walls. Right. Because there’s a lot of tips that go out there and cut your cost and do this and do that. But it’s important to analyse how this is impacting the company itself. Some might be on the rise. Some might be very close to a new city. Some may be truly in the shit so to speak.
Teo Borschberg:
So, to say, it’s important to have a good analysis of how it’s impacted the company first and then and then act accordingly. What I can just say is that prepare for the worst. Don’t be optimistic but be realistic of how that impacts the company.
Nico Perony:
Everyone is an expert, and everyone has a prediction about the future and the last that long, etc. it will be three quarters, it will be two years. What I see is that we entering we’re entering a new time, a time of very high uncertainty. The way I see it, if you look back on the last two big downturns, I think they were affecting less of the world than now. So it might actually be worse. And of course, I don’t know, but I like to say it is good to prepare for the worst.
Nico Perony:
And one thing is very likely is that it going to get worse before it gets better. So, for start-ups out there, be very, very cash conscious. Try to cut costs everywhere. Absolutely. Consider an investment landscape where it would be very hard, nigh impossible, to raise money for the foreseeable future. So, think of different strategies and find the opportunity. I think, at OTO, one of our main values or messages is that, always, behind every obstacle, there’s an opportunity.
Danny Butler:
So, everyone has to be hard at work on finding the opportunity. I think it’s a very applicable to the work that I do as well, in finding the opportunity. It can be harder to find at these times, but no doubt definitely more rewarding when you do find it. So, no, I definitely think it’s a valuable information as well.
Teo Borschberg:
How has your work been impacted by the virus?
Danny Butler:
So, one thing very similar to what you explained is we’ve got a number of businesses whose industry has been massively affected and impacted. So, for example, I work with some consultancies and very early on in the process, we realized that they were not able to travel to customer sites. Now, sometimes this work can be done from home, but sometimes this has real impact. And it means that some businesses have said, “well, let’s put this on hold now indefinitely”, which, I see, for recruitment purposes is not great, but we’re all in the same situation.
Danny Butler:
I think the main thing with this current topic is that we’re all in the same boat. I often think in life that things are more difficult to accept if it’s happening to you and nobody else. But we’re all in the same situation. Everyone’s interests, everyone’s industry, everyone’s business is being impacted. But yet, recruitment is being impacted in a big way. But, because of technology, we are able to conclude some processes still. And there are many businesses who are very open to concluding processes via video calls and even onboarding people during this time remotely.
So, you said how businesses have to be willing to adapt. And I think one thing we’re seeing now is that people are becoming a bit more open to the idea of working from home or working remotely. So, they’re going to be willing to onboard somebody remotely, which is something that probably felt extremely alien a little while ago. So, in that respect, I think longer term that will help with recruitment and that will be something that’s a welcome addition.
Nico Perony:
But yeah, no doubt these are tough times and many businesses potentially could even go under. We’ve seen that with a few already. And yes, sadly, that’s inevitable. I think like you say, it’s important for people to really kind of assess things almost day by day and be willing to show flexibility and make those adjustments that mean that they can they can stand every chance possible.
All right. Some businesses will go under. Some companies will die. And that’s it, and those that survive will emerge from this stronger and more resilient. Yep.
Danny Butler:
Yep, I definitely agree. And I think that’s the message that we’ve been told here at Darwin. And I think the message that a lot of people were kind of putting out there is, yeah, these are tough times, but at the end of it, I want to be in a better position and massively learn from it as well. I think that’s what’s the important thing; to take pride, I suppose, from the way everyone’s dealt with it in terms of business and personally.
