We are witnessing a grave crisis in the world with majorly no rescue plan till now.
The business world is collapsing where some would recover and some wouldn’t.
There are some industries which are growing admits all the crisis like healthcare, FMCG products, food delivery businesses, and others. The analysis has shown an 8.8% increase in conversion rates, compared with the same period the previous year.
Due to the situation, retailers supplying like toilet paper, face masks, and water bottles are having significant sagging under the weight of surge in demand. However, a large part of the industry including tourism, real estate, IT, banking, and other manufacturing industry is concerned the coronavirus will negatively impact their revenue in 2020.
For startups especially it can be hard to survive in this situation.
However, here are some strategies to implement during the pandemic.
Managing the expenses
Forget about profits.
While VCs and angel investors might have cash to invest, the investment will be in select companies.
There is a chance that even good companies won’t get financed. So the major part that you can do is to manage your current savings.
Question all the expenses re-negotiate agreements with suppliers, take a hard look at team costs, chase every single receivable. At this moment your single focus needs to be staying afloat in the market till the crisis gets over and you are in a position to gain more investors.
Take the government’s help
Most governments across the globe are putting out major measures to fight COVID-19 but rendering money and financial investments to restore the economy.
For instance, the US Government recently announced a $2 trillion relief package for its citizens and businesses, impacted by COVID-19 pandemic.
Even in India, many measures have been taken to ensure that companies can deal with the crisis.
Check out websites and find out the steps taken by your government in your area and secure a plan to ask for help.
Selling online
If you are still in the mindset that offline business will still be the major source of your income, think again.
Selling online has never been easier and now is the perfect time to start an online shop to earn extra revenue. People are employing services for “doorstep deliveries” and as there is no contact involved, it is a great way to update your business as well as help your community.
Update your Google My Business
For a proper online presence, Google My Business listing is primary now.
Also, if you already have a listing on the GMB page, you’ll see a new option on the homepage called “Coronavirus (COVID-19) ” option that has been added recently.
Follow the link to get some useful information regarding your business. There are options to update hours adding extra services or informing delays and so on.
Estimate the risks
You need to analyze the burn rate and runway in this new environment now. You will have to make some tough calls by cutting down salaries or downsizing the company. It is better to try and try from home even after the crisis to reduce the cost of the company for a little while.
Look out for opportunities
While there will be great economic dislocation that affects small and large businesses, there are still some opportunities.
Like for example, online classes online consulting, or even things that bring a smile in these difficult times will definitely have a much higher demand than usual. Look out for those and use them effectively.
Startups are much more flexible to changes.
All you need is to have patience until things restore back is really essential. Till then keep in mind to keep up a strong team and DO NOT forget to keep up the communication with your audiences.
Going radio silence in this new age of social distancing may be dangerous for your brand.
Keep the several financial and legal aspects that all businesses should bear in mind to lower risks and cut down on their losses. By doing this you will manage to stay afloat in the market and eventually recover from all the loss that your business may endure now.
Want a proper Google My Business account along with a definite online presence? Contact us at Skyram Technologies and let us help you with your digital plan.
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Till then stay strong, stay safe and stay indoors.
