The pandemic has been an eye-opener for businesses, even more for budding startups. It came as a challenge that made organizations work hard to stay afloat. Soon, it became an opportunity that enabled them to find new ways to survive and thrive. Fortunately, most organizations managed to breeze through by embracing the right technologies and mindsets. The worst may be over, but the crisis is still here. Businesses need to have a survival plan to sustain in the new normal. Even if you run a startup, there are viable strategies to survive and grow during such tough times. Here are the ones you can rely on amid a crisis.
It is vital to stay relevant during a disruptive phase like the one the world is going through. For instance, you can rethink your products and services to align with the current demands of consumers. Some businesses pivoted to change their core product offering, such as producing essentials instead of regular products. Others moved to the e-commerce model because buyers were keen on ordering from home rather than buying from stores. Buying behaviors changed during the pandemic, and they will evolve in the foreseeable future. Everything boils down to your ability to adapt according to the changing circumstances. Also, you must do it with agility to secure an early advantage.
Technology and innovation emerged as lifesavers when the pandemic first hit, and they are still the cornerstones of survival. When your startup faces a crisis, you need to think outside the box and embrace innovation in one way or the other. It may be innovation in the form of technology, business processes, or even your mindset. The concern here is how to get startup money for adopting innovation. Startup funding is an art, and you need to find a perfect way that works for you. Consider bootstrapping and external investment or a mix of different forms of funding. Procure funds without spending a lot on interests or piling up debt burden. Once you have the money, invest in innovation and move ahead.
Keep doing what is working
Unexpected things can happen during a crisis, and you never know what can pan out. Also, there is no proven way to do things. The best approach is to keep doing what is working and steer clear of anything that doesn’t seem to work. Anything that keeps the business running and revenues flowing is a smart move. Assess every step carefully and understand its outcomes in terms of revenues and expenditure. You will soon understand the strategies that pay and are worth investing in. At the same time, be willing to take calculated risks as they can translate into valuable opportunities during a crisis.
Survival during a crisis can be a daunting challenge, specifically if you are new in the business domain. It needs commitment, perseverance, and smart thinking. The right mindset can keep you ahead on all these fronts, so make sure you don’t let a tough situation get the best of you.