No one can doubt these are tough and unprecedented times, in such a short span of time we can observe the gravity of this global disaster, the damage it has caused and further damage it could cause till this pandemic ends.
Most of the newly formed businesses and startups have limited workforce or resources and with the lockdown implemented by the authorities with facilities being shut, such hindrances hamper the businesses’ productivity more.Many startup founders are fretting about the consequences of sweeping lockdowns and restrictions imposed by authorities , as a result of which they are hardly managing to stay afloat and keep their staff onboard.Lack of adequate provisions to be able to work online are not present with some of them. Unlike established enterprises that have diversified revenue stream, new businesses or startups are dependent on single revenue stream.
This disaster has caused a loss of trillions of dollar over the globe hence will the investor be willing to invest more money in new ventures or will they turn back to safer investments.
As the saying goes “Prevention is better than cure”, if there are no preventive measures taken reacting to the situation when it arises would lead to rushed decision making. In times like these, having a plan of action for the post pandemic situation is line of action all new business should wok upon.
The most vital thing for startups is to keep floating and alive in this tough period. Here is the few points’ advice which help could startups to stay alive in the market and even may help in generating profits:
- Assess cost cutting options by forecasting budgets.
- Compensate employees by alternative mechanism like ESOP.
- Brand recognition by offering free products and services or at every economical price, if possible- If your brand offers anything that can support either people hugely affected by the pandemic or those who are staying at home in a need of a boost to keep up with their lives, this is the right time to support society.
- Work with tech based companies to fight the Coronavirus.
- Host free online webinars, podcasts or Q&A sessions.
- Offer free consultations to SMEs on digitalization and automation- From the Covid crisis many SME has release the need of automation and new method of doing business and this the time where startup can help them in automation, AI driven technology, different IT tools, marketing strategy etc
The choice is yours. But, remember, this is the moment we all have to step up and create a real social impact. If nothing else, just offer help and advice where you can. Last but not least in every crisis comes an opportunity, so the ones who prepare well will survive and the other will eventually fall.
