Nothing will ever remain the same, not even your weight after this pandemic. Maybe your name will, but that’s beside the point. Everything will change; the entire world will change. The market won’t be the same, but change can be a good thing, right? If you’re a startup, then this can be a very challenging moment for your business.
Many industries took a great hit as a result of the outbreak, and a lot of businesses were affected, some of them took a huge loss while others profited a lot from it, companies like Zoom watched their profit skyrocket in such a short period of time. Managing your business is very crucial during these times, and there are a few steps you can take for your startup to survive in this pandemic.
1) Calculate your risk
First of all, you have to evaluate all the risks the pandemic poses to your business and the losses you’ve already incurred. Calculating and controlling your burn rate at this stage is essential for your business to survive.
You do not want to incur losses at this point because the future of your startup after the pandemic is not very certain, and you have to do everything in your power to keep the business going.
2) Efficient Team Management
Your team is very important to your business. You should encourage team spirit in a time like this, reach out to your team members, make sure they’re doing okay, let them know how important they are to the company and to you.
Most people tend to suffer emotionally during a pandemic, which could be a result of the fear of losing a loved one during this period, at this point, you don’t know what the future holds for you. This makes it important you let them connect with one another even on a personal level, encourage them to check up one another, treat them like your one big family, and build a support system. This helps build their focus and creativity and enables them to work efficiently.
3) Digital Communication
You have to set communication standards and tools in other to be able to communicate ideas with your employees and work efficiently. Despite the pandemic you have to stay productive, not being able to meet in person with your employees shouldn’t limit that.
Companies like Zoom has made communication easy, and you’ll find out that your employees don’t even need to show up at work every day to keep your business running.
4) Manage your Resources
You have to analyze the resources you have and manage them because you don’t know how long the pandemic will persist, so try to curtail your expenses in every possible way and evaluate how to make your current resources last for at least a year.
Make a business continuity plan, and it will enable you to use your resources efficiently. Also, consider cutting down on the number of workers you have so you don’t have to spend a lot on salaries.
Work more with freelancers, that way you don’t have to recruit workers when the outbreak is over. Also, consider some good passive income ideas that can help you make money in these tough times. Starting a website and affiliate marketing for digital products are one of the popular ideas.
5) Promote Innovation
This is a step you have to take seriously. The success of your business lies in innovation, introducing new ideas, and implementing change when necessary, and this helps you stay relevant to society at large.
In order to achieve this, you have to create room for your workers to come up with ideas, hold brainstorming sessions, and support all the ideas they come up with. This makes them feel like they’re active members, which of course, they are. Even when they make mistakes, tolerate them, it creates an enabling environment for their minds to create.
6) Protect your customers
Keeping your customers safe should be your priority. The Corona Virus outbreak has made the demand for Hand Sanitizers high. Even the nose masks people didn’t care about so much in the past.
These are basic things your customers need that you can make available to them. No one can protect your customers for you. They’re the ones that’ll keep your business running. It’s time to give back to them in any way you can. You can make Sanitizers and provide nose masks for them. If they’re safe, then your business is safe.
Summing Up
Just as you’re keeping your customers safe, keep your employees safe too. Cancel all social gathering, let them work remotely, so they don’t have to worry about contracting the virus. Educate them on the essential things they need to know about the virus and how to avoid it.
You can communicate from wherever you are, online schedule meetings, and discussion sessions. Above all, keep yourself safe too. Use hand sanitizer always and your nose mask if there is an urgent need for you to go out. If we can survive this pandemic together, we can survive anything.
