The COVID-19 Business Landscape: Tips for Startups
by Thomas Hanes on Apr 4, 2020
The coronavirus crisis is turning out to be an international economic emergency, with ramifications for all industries and markets, similar to the recession of 2008 but probably more far reaching. A cross-border financial crisis affects businesses large and small, challenging an organization's management and its employees. But in all crises, opportunities are created, as well as problems.
Startup leaders, known for their creativity and adaptability, are quickly facing the crisis in different ways. Entrepreneurs in various fields share their methods of adapting to the challenges of this new business landscape.
In this blogpost, TLH Benefits happily shares some of the new ways to meet the challenges that confront you.
Crises don't last forever. They are temporary. Seeking support from partners helps to strengthen your mental health and face uncertainty.
Be transparent when communicating. Especially with investors. Working one-on-one helps to maintain continued business, as well as keep commitments.
Reduce everything that isn't critical and keep the startup to a minimum of expenses. Leave only the most crucial priorities; this means anything that assists in retaining customers. This is paramount. Reduce waste and pay as little as possible, while also paying to as many stakeholders as possible. It is now the time to see who sticks with you through the storm and who does not. Right now is when solid partnerships are made, which will last the lifetime of the business.
Development and marketing have to become efficient. Move as much as possible online, and work cooperatively. Business leaders have an opportunity to empower their communities and grow potential clients from around the world. They are increasing their use of technologies, becoming more flexible to navigate crises. It is here that we find real synergy.
Expand your market horizons. Get creative and adapt to find new solutions to the market. Brainstorm with your employees, partners, and investors. You literally have nothing to lose! Take a step back and look at the bigger picture, perhaps there are bigger corporations out there just waiting for fresh ideas and opportunities. Think of new ways to exploit the corporate landscape.
Even once this is all over, emerging from the pandemic will be a slow process. Plan ahead for the different stages of the economy's recovery and possible opportunities.
Take some time to discover alternative sources of income; crowdfunding, government loans, etc.
Transition to daily flow management. In this case, it has to be daily, not monthly, because it will help in determining the next right steps.
TLH Benefits Advisor is committed to your growth and your company culture & wellbeing.
We will have more to say on this in the future.
Take care and good luck in this trying time, stay healthy and watch for those opportunities!