With the coronavirus crisis taking over the world, startup businesses all wonder how they are going to manage to survive this storm. Even the well-rooted giants are struggling to find their existence, how startups can endure in this crisis.
While no one is yet genuinely sure about the real economic effect the pandemic has had on the world’s economy just yet, it is undeniable that the impact will be severe.
Though the haunting economic impacts are growing ceaselessly across the globe, the reported estimations of losses are threatening and make the existence of small businesses at stake.
IT companies are some of the few businesses which can still manage to work through this situation, as most of them can work around this challenging situation. In order to help you turn this difficult situation around for your business, here are some essential tips which will help you survive the Covid19 crisis.
First and foremost, it is of uttermost importance that you establish the safety measures necessary for yourself and your employees. If your startup had its own office space until now, make sure that all of your employees are able to work from home for as long as it takes. You need to make sure that your employees are not exposed to harm because of them having to continue working outside, as this will end up in you having to deal with employee absences as well.
No one knows just how long this whole situation is going to last, especially since a peak of the virus has not yet been reached.
Therefore, your employees must have everything they need, from software to backup files available on cloud and additional materials to get their job done correctly.
Also, giving everyone a set schedule which they will need to follow, will urge them to continue working methodically, as if nothing changed. The adjustment period for everyone might be different and tough, especially for those employees who are less introverted than others, so you need to make sure that you keep them occupied and under observation to help them come to terms with this new situation quickl.
If your startup already had some people working remotely, it is the perfect time for you to use their help to ensure that everyone is on the same boat and able to work from home effectively.
Initially, it is a good idea to hold video-meetings to help your remote workers explain to the rest of the staff how certain things should be organized for everyone to continue their work from home.
After this part, it is a good idea to assign each remote worker to one or more employees for them to keep an eye on their adjustment to working from home and help them out with any issues they might be facing during this process.
“Your existing remote workers can become a big support system for you during this crisis and can help you make the transition to working from home a lot smoother for every member of the startup, including yourself”,( notes Helene Cue, a social media manager for GrabMyEssay).
Cash conservation is something significant for any business that will be affected by the lack of new customers at this time.
It is crucial that you make every dollar you make worth and that you do not go forth with costs, which could damage the financial status or the longevity of your business.
Apart from the core business
What many companies have done, which cruel and devastating for most employees, is firing a significant portion of their staff.
This is not something that you have to jump to immediately, as there are other ways for you to start dealing with this issue without panicking and following such desperate measures.
The best course of action is to discuss a reduction in salaries in the first place, which will affect everyone but will, at the same time, allow them to keep their jobs safely.
This will most likely not be the best time to hire anyone new, so make this a part of your downsizing process. The only good thing is that you will be able to save money from traveling and other expenses which would have otherwise been necessary.
Therefore, you need to make sure that you reduce your overall expenses as much as possible and not make any significant purchases or upgrades unless necessary.
Conserving your cash and making sure your company has a few months’ worth of money to cover its basic needs are essential to its survival.
While this whole situation might have affected the way everything functions in your business, it is essential to remember that the best way to overcome it is by acting like not a lot has changed in regards to your future goals and aspirations.
Continuing to focus on your goals and working hard to achieve them, you will not only help your company survive this situation, but you will also have a vision and a purpose during these difficult times. It is most likely that the same will apply to your employees.
By not making rushed decisions but planning them correctly and strategically, you will be able to work on finding new ways to continue doing your startups’ everyday activities like normal. The best thing out of this situation is that you might end up expanding in new territories, which can then become an essential part of your company’s success in the future.
Another thing you need to make sure you pay close attention to is establishing good communication with your employees, no matter where they are working from. Employing efficient collaboration tools such as G Suite or Office 365 helps you to get connected anytime.
“When working in an office, it is very easy to check up on one another, hold meetings, and discuss everyday issues they might come across. In this new situation, you need to make sure that everyone can continue doing all of these things like normal”, (advises Estelle Liotard, an HR Manager for TrustMyPaper).
Start by creating a set schedule for meetings, which will take place weekly and will give people a chance not only to discuss company issues but also to socialize and feel like they are still part of this whole process together.
Along with that, it is a good idea to decide on using a communication app where everyone will be able to reach one another easily when they need to.
Last but not least, the most important thing you need to do in this situation is to act fast. If you have not yet taken the right measures for your company’s and your employees’ safety, then you need to make sure you start now. While most cities in most countries around the world are on lockdown, it is time for you to hold a Skype meeting with your executive board and discuss all the issues mentioned previously.
The best way to work on all of these changes and present them to your employees in the least painful way possible is for you to have concrete plans which everyone will follow to help the startup survive.
While you might miss specific opportunities to grow your IT startup or even lose funds and contracts, you need to remember that the essential thing in this whole situation is for your company to survive it.
Dorian, chief content strategist of Wowgrade says, it is essential to educate the employees to follow and adopt digital solutions to lessen the productivity dip. And he has been providing impactful solutions through his time-appropriate communications.
By communicating your problems with your employees and making sure that everyone understands the situation we are facing, you will be able to work much more effectively together towards these new times. Just make sure to act fast and be the role model you wish your employees to look up to in these hard times.