We all understand these are challenging times, COVID COVID COVID. My god even our own government has failed cosmically on every level doing more u-turns than a London Cab! But is Covid really to blame?
For years we have watched businesses receive massive investments, yet not make a profit or even be close to making a profit. I can hear you all now, “but we are investing in the future” and how many times have we heard that one. When I was a kid, I was taught never spend more money than you have, stay out of debt, keep up with your bills. Now as to whether I did that in the past has taught me great lessons for today and how I approach not only my life, but my business life too.
When setting up #bidwedge, one of the fundamental principles was that each transaction had to make a profit so that as I sought investment, potential investors could see that in operational terms we were always pointing in the right direction. We also had to avoid owing other companies any money, therefore any debt that was owned by the company was literally that owned by the company. How many times have you seen the ‘other’ company go under because in their mind they were supporting the ‘other’ organisation, to be dragged down with them.
Sadly, we seemed to have learned little from the mistakes of the past and this whole cycle seems to be rearing its ugly head again. Covid is not the reason that many businesses have gone to the wall. Covid is the conduit between fantasy and reality. 10 years ago, we had the banking crash, of all the industries to crash through mismanagement! Then a few years before that the dot com boom came to a miserable end and now, we seem to be getting close to the end of another era, the Innovative Challenger era.
You have seen billions of dollars thrown down an endless pit of failed innovation that in theory challenges the norm. You are watching businesses falling by the wayside because they have thought innovate, innovate, innovate. For what purpose?
Innovative challenger companies are now being told to think about making some type of profit. In other words, no more billions being poured down the pit. To do that they have to start thinking about being a functioning business, one that can pay the bills and not rely on handouts from shareholders! But what happens when they start taking that approach? Tthey immediately hit a brick wall called competition. Now they have to justify the billions and start to look at the balance sheet, at the operating costs and good old-fashioned metrics like margins. No more a CHALLENGER, more like being challenged…
As I have built Bidwedge.com, along with a group of like-minded individuals, it is our core principles that have kept us on a straight road. Our core principles of fairness to both consumer and supplier, put us ahead of the game. We owe no one anything, yet that has not protruded our growth and whilst this current management team is in position, that principle will remain the keystone of our foundation.
This does not make us any less exciting, less innovative, or less hard working. In fact, it’s quite the opposite. Our trusted partners have joined us because they believe in our ethical approach to business and society. We are trying to build a community and deliver the best option in terms of a “real value for money” product that we can. If we can also benefit, educate and assist others along the way too, then we will do that as well!
#bidwedge has embraced the new norm and we see it for what it is. Unlike some of our competitors who went down the over debt burden road, that have cost people their living, we do not and will not play that game. Yes we are always looking for #investment and we are just about to open the second round of funding for the next stage of growth, but we want our investors to feel that there is a real chance for a return on their investment when they invest in us. They believe in the business model and they can see that the development and growth is managed by people who put good governance at the center of its approach.
If you would like any more details on what Bidwedge.com is doing or how you can become involved, then please connect with me on Linkedin – I am always open to a discussion.