With nations imposing the complete lockdown to protect their citizens, the global pandemic of COVID 19 brought the wheel of economic growth to a halt. The businesses have been stalled, supply chains are disturbed and the global trade has been thwarted.
According to a Nasscom report that included 250 start-ups in India, ’90% of them are facing a decline in revenue. 70% of them are struggling with cash reserves, while 30-40% start-ups are in the process of shutting down either temporarily or permanently’.
However, for many, the difficult part of the pandemic is its uncertainty that has made many startup founders quite anxious. Here are 3 things that Indian start-up should do to succeed in post COVID world:
Look for New Opportunities
‘Success is not changing reality; it is the mentality behind the reality’. A crisis is nothing but an opportunity in disguise. Hence, keep your eyes open and look for new business opportunities. Research on current market trends and evaluate your product accordingly. This will help entrepreneurs to understand the changed customer behavior, and infuse innovation into their business strategy.
Create a Concrete Business Strategy
Accepting the reality and working according to it is the need of the hour. Hence, every startup owner should have straight conversations with your co-founders and investors will help you analyze the company`s health. Conserve funds, create a business plan, test every future assumption, and keep the dialogue open.
Indian Startups should Focus on building a remote team
Due to the pandemic, most of the companies have given their employees work-from-home. This will ensure the physical and mental well-being of every employee, and also reduces the chances of infection. However, it is important to stay connected with your employees to keep their morale up. Hence, be transparent about your plan and connect with them through daily or weekly calls.
The easy days ahead of you will remain easy, it is the challenging times that test your strength to the very core. You will be defined not just by how much you achieved, but by how you survived in the tough times.
The above-mentioned factors must be taken into consideration by startups after Covid to survive. If you have other business problems that you are stuck with, you can find a solution with our Problem Solving Courses. Click here: https://www.badabusiness.com/psc