Just this week, my mailing list service run by an American startup went literally belly up. There I was wondering why I couldn't send out my newsletter when I received an email saying that due to the financial meltdown the company (which incidentally went to great lengths to get my custom in the first place) had to close IMMEDIATELY.
Just like GTV there was absolutely no notice given.
I have also previously had the misfortune of having both my broker and bank also go the titanic way.
So is this what is to be expected as a normal occurrence?
Today's Business Daily in an article "Watch out for tell-tale signs that a company is going bust" writes that the right time to assess the business credibility and sustainability of who you deal with is now.
"The best time to be spotting the signs of mounting risk is before the juggernaut goes off the road." - Business Daily, Feb 24, 2009
Unfortunately, very often we witness rapid expansions of our banks, brokers and even supermarkets. However, there is also the excuse we tell ourselves, that if they run out of liquidity, they will be propped up, preety much in the same way the US government is propping up American industry. However, while Kenya is grappling with financial crisis of its own, I think we need to re-assess that supposition.
Read "Watch out for tell-tale signs that a company is going bust"
Postscript: Finally, it seems that Kenya's new Finance Minister Uhuru Kenyatta is hearing the cries of "UNGA" from Kenyans. Yesterday, while introducing a new budgeting mechanism, Mr. Kenyatta said that the days of large Kenyan delegations flying across the globe are over. More importantly he said that the government should in turn be more accountable to the people of Kenya. As the Daily Nation editorial says: "Uhuru is a new broom; let him sweep clean". We at Yipe couldn't agree more.
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