COVID-19: STARTUP TIPS FOR SUCCESS
There is no escaping the difficulties the COVID-19 pandemic brought to our society, but even in challenging times entrepreneurs will not stop reaching for the goals for their business. In this article, you can gain a few tips on how to ace your startup business in the middle of the pandemic.
But before anything else, you should be aware that this pandemic is different from the 2008 global financial crisis. This time, traditional ways of supplying and distributing services and goods are different. Moreover, even big and established companies are experiencing bankruptcy or reduced demand. So as a startup, what do you think will make you succeed in this challenge?
Manage Cash Smartly
Most issues for any starting businesses is the way they handle and preserve cash. With on-going lockdowns, getting income for a business is harder so reducing cash burn is necessary like temporarily reducing salaries, employees working hours, or if really needed, your company might need to reduce headcount. Businesses can also look for other ways to reduce outgoings, which bills can be cut, which contracts can be stopped, which vendors can be released? Where can the business make money, save money and do more with their money?
Go Virtual
The pandemic poses a health threat to us all but this should not hinder business operations. The evolution of technology is a great help to us in these trying times; as capable individuals, we should utilise technology as much as possible to create remote working conditions and virtual offices, and virtual meeting rooms. With social distancing becoming the new norm, you should consider going completely digital.
Think long-term
Don’t just settle for instant short term solutions. Instead, think outside of the box and find ways to adapt to the new normal. Keep your eyes on the long-term vision for growth and scale while taking defensive measures in the meantime.
The ability to bounce back for startups in this volatility is what matters most. Consider new approaches to the marketplace and remain calm and look forward to the future.
