I was never a fan of MYOB – living in a world of web 2.0 didn’t gel so nicely with an offline accounting package that took ages to get hooked into and a manual to learn how to use.
MYOB was probably ahead pf its time when it launched, but they didn’t appear to keep up with technology improvements which makes it no surprise that they have now scaled down operations and de-listed from the stock market.
The question has been asked if the management team just gave up rather than try to convert all their old tools to new technology and delivery methods… Or if enough money was coming through that they didn’t feel the need to innovate.
Either way, the lessons that shine through for me are:
- It doesn’t matter how ahead of the game you are initially, you NEED to constantly improve on what you’ve got.
- The ‘general public’ is starting to catch on to web 2.0 – big players that seemed indestructible now need to react
- Investing in Xero WAS a good idea :)