The coronavirus pandemic has caused a global economic standstill. Multiple countries are being placed under lockdown, a desperate attempt to keep the virus from spreading further. Businesses across the globe, both startups, and established companies are being affected by this situation. Some have been shut down due to lockdown regulations for the time being.
Effect of Coronavirus on Start-ups
Overall, Covid-19 has wreaked havoc on the livelihood of billions of people on the planet. For the startups, this might prove to be a significant hit. Facing challenges and dealing with unforeseen circumstances has left the startups in a great deal of stress.
For instance, startups like Zomato and Uber are tussling to stay afloat. Back when the lockdown was initially imposed, Uber fired almost 300 employees on a con-call, saying that they cannot pay their salaries. Zomato, on the other hand, is playing strategically and offering people contact-less deliveries.
So, you can also cushion the fall in the wake of the outbreak. And, here’s how you can do it:-
- Take Time to Reassess and Restart
When the business is in full swing, there is no time to stop, reassess, and look at the bigger picture. But, the quarantine has allowed startup owners the time they need to focus on some key business aspects. And, in a situation like this, it is better to be overprepared than underprepared. So, reassess and revise your operation plans and brace yourself for the aftereffect of Covid-19.
- Be a Good Leader
Cutting down expenses is critical, but bear in mind that laying off employees may not be the appropriate solution. When faced with an unprecedented situation, the team looks up to the leader for support. So, it is essential to stand by them. Support your team members and be a reliable leader to them.
- Supplement Retrospection with Introspection
Now, more than ever is a look time to take a peek inside your team, yourself, your advisors, and your investors. Introspection is critical in times as such to help you gain a better understanding of the scenario. This will not only enable you to develop a more evident outlook but also help build a better relationship with your team members and stakeholders.
The Path Forward
While it is true that the economy will take time to recover from this pandemic, and gain a firm footing again, you must not lose hope. After all, trying times are the perfect time to focus on the thorns in the roses. Use this time to align your business strategy, and if you need guidance, you can pursue an online strategic management certification course. One such course you can pursue is the online certification in strategic management from IIM Lucknow. Offered on the Talentedge platform, this online certification in strategic management from IIM Lucknow can help you plan your way forward. By equipping you with an in-depth understanding of strategies, methodologies, tools, and themes of the business environment, this strategic management certification course can help you ride out of the storm better, smarter, and healthier.