My best business decision: David Fannin, managing director of Sorcit
‘Focusing on product development’
When Sorcit was set up in 2005, there were two elements to the business: product development and distributing our own branded products. The fact that the latter strategy meant we had a lot of our capital tied up in stock was proving a huge drain on our finances. In February 2008, we decided to sell off the remaining stock at a loss and focus on product development. This was a hard decision to make, as we knew that there was a gap in the market for our products, but it really paid off. The business has since gone from strength to strength, and had we waited until the recession hit, it would have had a detrimental effect on us.
David Fannin, managing director of product design consultants Sorcit