It doesn’t take a genius to already see the impact that COVID is having on the world. Put plainly, this pandemic is turning everything that it touches into mush. Many major retailers have already closed up shop with no reopening date in sight. Some have closed with the hopes of opening on a later date, whether or not they will be able to or another story.
Simply take a look at what it's done to the sports and entertainment world. With fans no longer allowed at venues and able to invest in tickets or merchandise live, it has killed half the industry’s revenue stream.
When you look at things as a whole, it really is hard to see how any small or startup business would survive during this patch. Of course, that doesn’t mean that it's not possible. It will be more than possible with the right plan and information.
Focus On Surviving
This one is pretty obvious, but you’d be surprised how often it is going to be overlooked. That’s why it makes the list at number one.
Right now, above all else, you and your company need to focus on surviving. This means putting everything else aside and doing whatever it takes to keep your door open. If you don’t survive, what’s the upside? There isn’t one. That is exactly why this article will mostly focus on survival.
Unfortunately, now is not a time where you’ll likely be able to thrive or even get ahead. It’s all about survival and if you can come out with as few scrapes and bruises as possible then you’ll be ahead of the game.
Cash Is King
You won’t find many startups out there that have died due to lack of ideas. There are probably a few, but they are rare. In fact, that’s basically what a startup is, isn’t it? That being said, they usually die because there is a lack of cash. Stop everything immediately and start thinking of ways to conserve cash. Adapt to the many changes in the economy brought on by COVID-19.
You’ll need to be aggressive with this plan, and the earlier you start, the better off you’ll be. The bigger impact it will make down the road. A good 12 months' worth of cash is likely what you’ll need to get over this first initial hurdle because even if the situation works itself out, the turmoil left will still persist, especially in your current situation as a startup. You can learn more by visiting www.credit21.com.sg.
Maximize Production To The Fullest
Above all else, startups in this current pandemic do have one thing above other businesses. And, that is morale. This is not to say that morale will be at the highest, but this is to say that anyone involved with your business wasn’t currently under the idea that they would be making bundles of cash just yet. Everyone involved with your startup likely knew that things were just starting out and starting out is always slow and rigorous, regardless of the brilliant plans and strategies. You can use this to your advantage. Any business’s ability to produce relies on the team's morale. You have to adopt and instill the theory – either we make it in this together or we all go down with the ship.
Schedule daily meetings, do some stretches, partake in team-building exercises, or provide a free meal whenever you can. Whatever you do to show your employees that you care will help. Sync your objectives together and start producing to the fullest of your abilities.
Control What You Can Control
It goes without saying that there are tons of factors that are just out of your control. There is no sense in dwindling and wasting time on these things. Instead, find out what you can control and manipulate them to the best of your ability. For instance, are you in the technology industry? If so, what you and your team can control is innovation. You might want things to be more mission-critical at the moment, but you have no control over manufacturing products. You can’t likely manufacture your own products. And, as supplies dwindle around the globe, it’ll be harder and harder to pump out products, especially for a company that doesn’t have a lot of tenures.
Others will likely get put before you, but focus on what you can control. All of your efforts are going towards your end goal or goals, even if it doesn’t seem like it.