The COVID-19 pandemic has affected all types of businesses in one way or the other. This unexpected event with a magnitude not witnessed in decades has entirely changed the short-term as well as long-term plans of individuals and companies alike. Companies of all sizes have seen their financial positions weaken. However, many organisations with a firm financial base have managed to sustain themselves.
For small businesses and startups that are in their infancy with a bare minimum financial backup, this situation is particularly challenging. Having said that, there are certain things that startups and entrepreneurs can do to mend the damage and come back from the Pandemic stronger than ever.
Go Online
Startups must maintain an active online presence as much as possible. The COVID-19 pandemic has caused a sudden shift from offline to online for many businesses. This means that consumers have become accustomed to online transactions and services. Furthermore, it is likely that this shift will continue even once the pandemic is over.
Businesses have invested heavily in making that conversion and customers are used to online dealings, so in many cases it will remain. If businesses were to switch back to former, offline ways they would need additional investment once again. Moreover, this would mean abandoning capital assets purchased as a part of the transition before they have paid off.
Look for Affordable Solutions
It is a sad fact that many businesses have shut down during the pandemic and some have even filed bankruptcy. However, the ones that have managed to stay in business, albeit while struggling financially, have done so by cutting back on costs and expenses. The key is to reduce the costs of doing business without compromising your services.
It is important to find service providers that provide affordable payment solutions that allow you to continue to do business. Maintaining an online presence, including transactions, is essential. Many providers and authorities have understood the financial and technological needs of small businesses stricken by the pandemic and make an effort to help. Startups should seek out and take advantage of such offers and opportunities.
Make Use of the Possible Funding Options
It is natural for those who have suffered financially due to COVID-19 to lose hope. However, the good news is that there are organisations with a solid base coming forward in such situations to help businesses and startups with funding opportunities. If your enterprise has a clear strategy, a strong team and a compelling product or service, it is likely to get help. If the financial challenges caused by the pandemic are your only struggle right now, a grant on an investor could be the perfect solution.
Help your Customers
Just as your startup is looking for ways to minimise expenses at the moment, your customers are also in a difficult spot due to the COVID-19 pandemic. Therefore, it is important that you provide affordable solutions for them too. This will encourage them to use your products or services and build long-term loyalty for your brand.
In the same way, giving back to the community right now is not only the responsible thing to do, but it will be highly beneficial for your business. Supporting your local community in times of need is a great way to promote your business. In these times, there is so much an organisation can do to help others, whether donating money, knowledge or physical space to those in need.
Make Use of Opportunities
It may be a cliché, but a winner sees an opportunity in every problem and a loser sees a problem in every opportunity. However, this advice is particularly pertinent in times like these. Though the COVID-19 pandemic has delivered a hard blow to many companies, it has also brought many opportunities. Businesses must identify and seize the opportunities that can provide a different edge to their activities. A slight change in direction or a minor alteration in your objectives is not a terrible thing if it allows your startup to survive. This may even help your business to be stronger than ever on the other side of the pandemic.
Analyse the Situation and Learn Lessons
Apart from all the factors mentioned above, it is also essential to learn lessons from this experience. Sometimes failure is inevitable. However, the real failure is when you fail to learn from the experience. It is useful to analyse the new position your startup finds itself in as a result of the changes to the environment you operate in. This will give you clarity as to what your next step should be and allow you to move forward stronger than ever.
Final Thoughts
Even in the direst of situations, there is a ray of hope for those who are ready to see it. The COVID-19 crisis cannot be denied, and the damage has been done. At this stage, all there is to be done is to learn the lessons from the experience, look forward with clear thinking, grab the opportunities that are available. This will allow your startup to survive emerge rise stronger than ever from COVID-19.
