Covid-19 has taken the world by storm. It feels as though the world has come to a standstill. Every enterprise across the globe that doesn’t come under the ‘essentials’ category has been shut down for the time being. For the sake of safety, employees belonging to large organizations are now operating from the comfort of their own homes.
Needless to say, the current situation is tremendously impacting all businesses; small and large alike. These are very challenging times, especially for startups. But there’s always hope, even in the most difficult of times. If you too have a tech startup, worry not, as here we bring to you a survival guide to get through these testing times.
Tips for Tech Startups Amid Covid-19
So without further ado let us hop on to the tips for tech startups and entrepreneurs to deal with COVID-19, on top of that leveraging this downtime as an opportunity to grow and maximise impact.
1. Save as much as you can
This isn’t to scare you but to make you realize that nobody can tell for sure what comes next. Let’s hope that the situation subsidizes soon; but if it doesn’t, you need to be prepared. Even when the situation subsidizes, its impact will persist. Make a thorough plan for conserving some money. Have a plan for at least the next 8 to 10 months. Start planning as soon as you can and be very aggressive with your plan. This is the only way of dealing with the many challenges that lie ahead.
2. Don’t fret over curtailed revenue
Your business might not be booming the way it did a few months ago and that’s ok. Your payments might get delayed too. But hey, the world economy isn’t exactly flourishing at the moment. So, you aren’t the only one facing this backlash. Don’t fret over the situation and accept that it might take you some time to be back on your feet after the covid crisis has been averted.
Yes, you might have made big plans to expand your business during this time. But, your plans can always be postponed. Think of this time as a time to survive and not a time to thrive.
3. Take this time to think and reflect
With a tech startup, you are always short of time. You make every minute count and work hard day and night. There are always new issues to handle and new challenges to take care of. You are always on the lookout for what comes next. Well, now is a great time to slow things down a bit and think. Take this opportunity to ponder over your business. Brainstorm new ideas and think of ways you will need to bounce back once the crisis is averted. Think of innovative ideas and make the best out of this time. Make an action plan for the next few months to come.
4. Look for alternate opportunities
If there’s a way that you can change the direction of your tech business a little, then do it. Look for opportunities that you can use to your advantage. People are now turning to the internet for their needs a lot. If there is something of value that you can provide to the people then do it. With a host of opportunities available, there is surely something that you can make the best out of. As for your tech startup, you can turn to providing online consultation or even things like online training and classes. You don’t always need to be making money out of this. Include your team members in this as well. Together, you can surely come up with something. You can use new opportunities to help your startup reach greater audiences and create a name for yourself. While you may not be making a lot of business, you can at least look for new opportunities for people to know your startup.
5. Look for other sources to get money
If you are really short on money to a point that it’s hard for you to ever survive, look for sources to get it. Check if you are eligible to get any government grants. Look for programs that help and support small businesses. Look for creative ways of finding sources to get cash. If you have a vision and mission promising enough, investors might be interested in your startup even in these desperate times. Look for short-term deals, if any. Consider things that you might not have considered just a few months ago.
6. Remember that this is temporary
Though it might seem like a really tough situation now, it is important to remember that this too shall pass. Things will take a turn for the better soon enough, even if it might seem difficult now. All you need to do is have a little patience and look for ways to sail through this tough situation. Even though it might seem to be pretty obvious, survival at the moment should be your top priority. Everything else can be taken care of later on. Without your well-being, even your tech startup can’t survive.
Over to you…
Hope these survival tips for tech startups amid covid-19 helped you. If you have any feedback, thoughts or even your own learnings and tips to share, the comment box below awaits your responses.