It’s hard to imagine the UK in the 21st century without its most celebrated corporate brand: Sos.
But now, as the UK prepares to launch its annual IT revolution, it may have run out of mojo.
The Sos business, which makes electronic cleaning products, has been hit by a slump in sales and profitability since the start of the financial crisis, with the number of workers on contract at the company falling by around a third between 2008 and 2016.
“This was the beginning of the end of Sos,” says Jim Boulton, the founder and CEO of the company, which was formed in 2008.
It’s hard not to see the company’s fortunes slipping further as the government seeks to revive the economy and slash corporation tax rates.
The company has also been hit with a wave of cyber attacks, which have forced some of its more senior executives to step down.
This year, Sos had an annual turnover of around £6m, down from £14m in 2016.
It was not the only British company to see its revenues fall.
The UK also lost its place as a hub for digital marketing in the face of a new wave of tech companies including Apple, Amazon and Google.
Boulton has been forced to step up his efforts to diversify the business, hiring new executives to help it survive and make the right decisions in the future.
He also recently signed a deal with a company in India to sell a Sos cleaning product to India’s most popular food-ordering app, Grab.
And, just like in the UK, the decline in Sos’ sales has had a profound impact on its profits.
In its annual report for the second quarter of 2017, Sotol found that sales of the firm’s products in the three months to the end June had fallen by 25.7% compared to the same period in 2016, although it was down slightly from the £12.4m it had recorded in the same quarter last year.
Its annual report also revealed that its average turnover was £8m, while it lost £3.5m in the year to the previous financial year.
“We’ve lost our mojo and that’s unfortunate,” Boulthon says.
But Sos CEO Joe Boulson says he is not panicking.
There is always room for growth.
It is the nature of a company to grow in terms of sales and profits.
If we grow our sales, that will allow us to expand our product lines, to do more business, to sell more products, to expand product lines.
We are in a very challenging period.
We have a tough job to do and it is an ongoing struggle.
But we believe we have the right team and the right business model and that it will allow the company to continue to grow and grow.”
While the decline of Sotolic has hit the business hard, the company has managed to remain on track with its strategy.
Boults plans to use the new strategy to build the business up and increase its revenues.
One thing that he has been particularly focussed on is finding ways to make the products available to more customers in India, a country with a population of around 10 million.
According to Boultons own data, there are more than 2.5 million households in India who are on a Paytm SIM card and are accessing the company.
With a growing number of Indians relying on online services such as Paytm, the prospect of selling its cleaning products to them has been a big opportunity for the company and the growth of its business.
If we have to grow the number and reach the customer base to keep the business going, it’s very difficult for us to say no.
However, Boulons strategy has not been without challenges.
Over the past two years, the Indian government has attempted to introduce regulations to curb the use of smartphones by many Indians.
The Indian government recently banned online apps such as Snapdeal, an app that lets people buy goods in bulk, and even banned the use and use of cell phones by some.
On top of this, there have been other government attempts to make it easier for people to use smartphones.
In February this year, the government passed a law that would have allowed the sale of smartphones on Indian Railways for Rs 1,000, but was delayed by the fact that the government’s own data showed that there were over 5 million smartphone users.
A month later, the same month the government made its ruling, the Prime Minister of India, Narendra Modi, came out with a manifesto to make India the “smartest country in the world”.
But despite this, the country has not gone all in on the market for mobile phones, as Bouls hopes the country’s economy can grow.
While he sees this as an opportunity, Bulsons hopes that it is also a threat. India