As the world tides over tough times dealing with the crisis, startups during the Covid-19 pandemic have taken a hit.
Upsetting the global economy, the sudden outbreak of the pandemic has compelled complete lockdowns and stalling of businesses. This resulted in disruption of the supply chains and eventually hindering global trade.
For MNCs, it may be sustainable, not for founders of startups during the Covid-19 pandemic, especially in the early stages. Founders were compelled to take tough decisions on the tactical execution of the business for the next 12-18 months.
From devising strategies to scaling up and innovation to thinking about business continuity, startups have come a long way. In a bid to help founders of startups in pandemic tide over this uncertainty, ZapOne has devised a global framework.
To approach the challenges ahead, ZapOne has shortlisted some of the best practices for businesses to undertake during the epidemic.
From the very beginning, it seemed that the pandemic has curbed the business growth opportunities.
Startups in the Corona crisis either had cost-cutting and operated at a minimal capacity or had to shut down entirely. While it is true that the opportunities are slim in the Covid-19 era, there are still some lucrative routes open.
” With these routes, startups in Covid-19 can not only grow their businesses significantly but also thrive in these troubled times ”
Yes. That’s true !
Read on to learn such tips/tricks different businesses have used to sustain and make the most of the epidemic.
It is expected that raising funds during this crisis will take longer than expected. Even fundraising campaign outcomes will take longer than usual in such a scenario.
The goal for startups during the Covid-19 pandemic is to sustain 12-18 months before they run low on funds. Keep on trying with a positive approach and pitch your business to the clients and funds will come by.
Here is an instance to strengthen your belief:
Companies like Uber and Disney, who were just a startup when the Great Depression stepped in, held strong and grew in that period.
Adapting and being prepared for the worst is the key for startups during the Covid-19 pandemic to survive. Startups should think on their feet to readjust when the situation changes and expect delayed receivables.
Add to it, clients will request price cuts on the services provided and contracts may not close as expected.
Founders should assign a risk management team in place to handle the situation better in organizations.
For business startups during the Covid-19, such risk management teams should be proactive instead of reactive while handling the situation.
Take for instance:
Organizations like KPMG have assigned a dedicated team to ensure that their epidemic policies sync with public health recommendations.
With the setting in the recovery stage of the crisis, it has emerged to be the best time to adjust your business models. Adjust your business models as per the new realities and leverage on the epidemic to sustain and survive.
The same principle has been adopted by a London Distillery where businesses had to shut down when the lockdown initiated. The owners had to readjust their present format. They shifted their operations and their resources to developing hand sanitizers.
Tapping on the burning need of the time for sanitizers only made the business relevant to its customers and clientele. Add to it, it also guarantees success, business continuity, and reputation management for the owners.
Tailoring products as per the requirement of customers, especially during a crisis is the key to success.
Scale your business growth as per the need of the hour just like a US-based office furniture startup. A US-based startup during the pandemic Covid-19 almost reached bankruptcy in the initial months of the crisis. However, it quickly changed its course and started selling home office furniture to customers leveraging the increased work-from-home scenarios.
This resulted in increased sales and a secured future for the organization.
The epidemic has made everyone realign their priorities and value what matters the most.
In regards to this, customers keep a sharp eye on how new startups in the Corona crisis treat their employees and clients.
Founders and owners who stood with their employees in such troubled times have helped to build a positive perception. This is expected to push their brand to go a long way.
Communication is the key to reach out to your audience and hence plays a vital role in your growth efforts.
Successful startups during pandemic talk to their customers and share the company goals, visions, and approaches. Such startups listen to what clients are seeking and keep the communication open and transparent.
From hosting Q& A sessions to updating blogs and social media pages, communicating with customers builds a bond during a crisis.
It is crucial for startups in Covid-19 to use their resources, time, and effort wisely in areas with higher returns.
Maximizing the ROI is the primary objective of startups during the Covid-19 pandemic. That’s why pay more focus to digital marketing and partner with micro-influencers rather for a better reach.
Some other ways to strategize marketing and mitigate your risks in this pandemic-ridden world include:
As per Mckinsey & Company, digital interactions are necessary for traditional sales.
Most businesses have moved to online sales and prefer virtual interactions.
This is a long-term opportunity and startups during the Covid-19 pandemic need to move beyond the traditional sales.
To sustain, startups during the pandemic, need to embrace online marketing and sales and virtual learning along with remote working. They need to prepare for the uncertain and unknown by adopting a hybrid approach.
Successful startups during the Covid-19 pandemic scale by identifying the right customers for their businesses. Startups selling products and services to wrong customer segments will consume time and yield less profit.
Startups during the Corona crisis can only excel when they know where to reach and how to craft the message. The best way to grow your startup in a downturn like this is to edit the message of the new global requirements.
Note: Increasing the customer retention of startups by even 5% can trigger profits by 25%-95%.
The growth strategies discussed above will help startups in the Corona crisis to remain robust and fuel long-term business plans.
Adaptability is the key here. Remain agile and ready to adjust to the change.
This will not only help your startup go through the epidemic but also enter the post-Corona world as a leading brand.
If you wish to join the ranks of companies that have not let the Covid-19 stand in their path to success, follow the points mentioned above.
Connect with ZapOne for more such lucrative ideas for your startup during the Covid-19 pandemic and scale your business, today.
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