What’s your plan now?
Covid-19 has made the world come to a halt, and if you happen to run a startup at this time you really need to introspect, reinvent, and restrategize. The indefinite lockdown in most countries screams uncertainty, but one thing is certain, the world will not be the same post-Coronavirus, and neither will your business.
The main question now besides that of your survival, is how to make your business thrive? Forbes suggest that reinvention is the key and it can be done in four steps: deconstruction, imagination, testing, and prototyping. This holds true and feasible for strong businesses with firm financial standing, but what about startups? Especially those with lesser cash reserves?
Digitalize your product
Picture courtesy: managedoutsource.com
While other industries and markets have sunk because of quarantine, digital market industry, on the other hand is booming.
Turkey’s leading information and communication technologies company Türk Telekom has experienced a 50% increase in fixed home lines in just a few days.
What is happening exactly is that people of all ages are now going digital from home. Be it online shopping, paying bills, booking tickets, the novel coronavirus has compelled every single one to learn the digital world.
Only online business will thrive during times of pandemic as well as after. Because consumers now, are getting into the habit of purchasing online. So, whatever your product is, digitize it. For the sake of the future. Reports suggest that services that can be used “without leaving our homes,” are the ones that will skyrocket.
If your business is retail then start going online now! Opt to video call your customers to display product, and get those delivered to their doorstep.
Reinvent
Take another deep look at your product and reevaluate what it offers. Will it be beneficial to people post this pandemic? If not, then this is the time to brainstorm. With people getting laid off, and with minimized income, the purchasing power of an individual may get curbed. Hence, the consumers may only look for items they need. So, how needful is your product?
In Italy, where thousands died of the virus, a 3D printing machine saved 10 lives. It so happened that a hospital was in dire need of a replacement valve, but the absence of it led them to an alternative- a 3D printer. The 3D printer aided in maintaining the function of respiratory devices and ultimately saved lives. The demand of 3D printers have scaled, and startups of 3D printing device are witnessing a boom alongside ventilators and respiratory devices.
Now that we have talked about the product, the survival percentage of your business comes down to you- the owner, the CEO, the builder, the resolver.
This is a true test for business owners, and your success is dependent on your adaptability skills. The first step is to keep calm and stay optimistic.
As the captain of the ship, sailing through rough tides you have a lot to keep in mind, but most importantly you have to come to a solution, a creative one.
Be Flexible and have clear communication
Gone are the days you had a definition for your work ethic. Now, you have to be flexible with how you operate. From going to direct calls with clients and consumers to deciding the expansion of your brand, clear communication will be a game-changer.
Discuss strategies with your team and listen to everyone on what they suggest. Great ideas are often found in the strangest of places and times.
This is the time to surpass your competitors
A bad time is sometimes a good time. This is the time to have an eagle-eye on your competitors and check what they are doing. Set goals and strategies to beat them after analyzing their weakness. This crucial time is vulnerable for every business, so set your guards high and get your zoom lens on.
Check your cash flow
Since you know that this pandemic will take months, if not years, to end, you have to ensure at least three-six months of cashflow is in your bank. Liquidity should not be an issue for you at this time. Have a transparent conversation with your bank and stay prepared. Come what may. With forward-thinking and right proactive attitude, your business will surely thrive in these testing times. You just have to make it go online and double the usefulness value so that the product stays relevant in times of thousands getting laid off and millions getting affected.
Gruesome, but it’s true. You are not in the same world anymore. Don’t stay in denial, keep moving forward.