PracticePeople In PracticeErnst & Young’s top dot.com tips

Ernst & Young's top dot.com tips

Ernst & Young has this week issued a new survival kit for internet start-ups emphasising that old economy business rules are still applicable to the new economy.

The advice given in the firm’s ‘Do’s and Don’ts of dot.com survival’ aims to help dot.coms remain competitive in the current e-commerce fallout, as well as develop future strategies.

Tim Gordon, E & Y partner and dotcom expert, said: ‘The world of e-commerce is currently on a roller coaster ride for companies and investors alike. Dot.coms are rewriting 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.’

In the wake of dozens of dot.com collapse this year, internet business advisers have attempted to highlight the benefits of traditional business strategies, such as strong leadership and financial responsibility.

‘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 that your business may be in cyberspace but your feet are firmly on the ground,’ explained Gordon.

Some of the ‘Do’s’ E&Y recommends are the appointment of non-executive directors, surveys on the opinions of shareholders, suppliers and customers, development of a balanced team and measurement of key business drivers.

The survival kit is the second part of a new Ernst & Young eBusiness programme.

Download E&Y’s pdf document

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