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Guide for Startups During Covid-19
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Deepanshu Panwar
The Coronavirus Lockdown came in with the objective to help people fight this cataclysmic pandemic, however, this has come at a price – a hefty toll on business startups.
While businesses all over the world are incurring huge losses during the lockdown period, startup businesses are the ones taking the hardest hit.
It is tremendously tricky to minimize the losses which are being incurred by the startup businesses currently, however, the same is not impossible. The present circumstances have made the future of startups uncertain. However, even in these blurring circumstances, startup businesses can adopt certain practical steps that can help them not only survive but thrive during this dreadful time. Some of the steps which each startup business can adopt are as follows: –
Communication
Communication with the employees, clients, vendors, etc. is essential in such a time. Since physical presence is not advisable currently, using digital media such as video conferencing, emails, messaging platforms, etc are a must to keep in touch with the employees, clients, vendors, etc. It is vital to understand, that everyone, including employees, customers, vendors, etc. are fearful right now, and being virtually present with them to assure them of the startup’s future & vision is a crucial and indispensable practice each startup business can and should adopt.
Marketing
Focusing on the right marketing channel is currently one of the most crucial aspects of startup businesses. And the most practical and advantageous strategy one can adopt right now is the online marketing practice because let’s be real, the majority of the population right now is sitting in their homes, scrolling through their phones and laptop screens. So why not take advantage of that by promoting the businesses online, through blogs, articles, social media, videos, etc. Investing time and money in this practice is one of the most beneficial marketing strategies any startup business can adopt right now.
Cost-Effective Operations
As the income of startup businesses have started taking a huge dip, it is essential to cut down as much cost as possible so that the already contracting and fragile business does not collapse overnight. Here are some of the cost-effective ideas to consider: –
- Hiring Freeze – Not hiring new employees does not seem visionary and can really harm the core of any startup business, however, startups need to come up with a plan of how the company’s target/goal can be achieved with a minimum number of people.
- Reduction of Working Hours – Startups can reduce the working hours of the employees and pay them the salaries accordingly in order to increase their efficiency.
- Supplies – Since everybody is working from home, supplies that are not required should be canceled/postponed.
Quality of Services
Building a robust strategic plan which helps the employees sharpen their skills during this time is also one of the workable contingencies startup businesses can adopt. Better skills will eventually improve the quality of services that a startup business engages in.
Employees should be advised to work and improve upon their weaknesses and deficiencies as there is extremely little to no room for error in the coming days.
Each and every viewpoint from which the business can take a serious hit should be tactically discussed and appropriate actions towards improving or eliminating it should be initiated as soon as possible.
Improving the quality of services is one of the things which can help a startup thrive. This is important because when the pandemic ends, it will help the company rise quickly from the losses which it shall endure during this tough time.
An onerous winter is approaching and everyone needs to prepare for the unimaginable. However, it must be noted that no winter lasts forever, and if appropriate steps are taken, it can be endured with ease and sufficiency.
