Sun. Jun 23rd, 2024

The Right Way for Startup Businesses to Survive in the Middle of Covid-19

By pauline Oct 17, 2020 #Business #Companies #Covid-19

The Covid-19 outbreak is a blow to all circles, including businessmen. Almost all business sectors are shaken by the corona pandemic. And resulting in huge losses to business actors.

No exception startup business. The owner of a startup, aka a startup, is actually struggling to develop his business. But then hit by the corona virus outbreak, and the threat of a recession. More and more drop. It was like getting back to square one.

Startup entrepreneurs have to get up and fight again from scratch in order to survive. Making more achievements, especially increasing sales, raising profits, and advancing business.

Here are some great tips so that startup companies can survive Covid-19 :

1. The division of labor must be clear

Covid-19 has not yet subsided. Work from home and school from home policies are still echoed.

However, not all office work can be done at home for various reasons. For example, inadequate equipment, reports at the office and not available in softcopy, and so on.

Therefore, company management must make a clear division of labor among all employees. Which work can be completed from home, which one must be in the office.

Set alternate working hours. For example this week, group A WFH, group B work from office (WFO). Next week, it’s the opposite. That way, all is fair and even. Got WFH and WFO.

2. Monitor employee work

The working atmosphere in the office and at home is of course different. In the office there are superiors who directly supervise them, but at home they are free as long as the task is completed. Your boss shouldn’t just lose control. Continue to monitor employee work, such as work progress, attendance schedules, and how actively the employee communicates in the group.

If necessary, make weekly work progress, in which employees are required to submit the report according to a predetermined date each week. This method is great for maximizing employee performance even if you have to work from home.

3. Determine a financial strategy and don’t be wasteful

Considering the cash flow or company finances are in shock, it’s best to redesign the old financial strategy. Think about how to get cash flow for the smooth running of the startup business.

Whether it’s selling old products, conducting an auction, or holding promotions to use up old stock and get money.

Don’t suppose you want to expand, because it is good to survive. Avoid wasteful attitude so that the use of cash flow is right on target.

4. If necessary, run cutting costs

Don’t hesitate to cut expenses with a large budget. For example, marketing costs from 80% to only 50%. Run promotions on non-paid or free media.

Meanwhile, cutting employee salaries is very difficult. There are definitely cons. However, if there is no choice, management can lay off employees with high salaries, but their performance is not satisfactory.

Or another way, apply salary deductions to employees who do not come to work without notification. As well as eliminating the annual bonus. So employee salaries remain safe.

5. Create a low budget innovation

Startup companies are generally filled with young employees who are full of enthusiasm. Creative and innovative. Try to make new, low-budget product innovations.

However, it can be maximized to increase sales figures. So even though it is a pandemic, the company still produces the latest products so that consumers don’t get bored.

6. Attract consumers through attractive promos

Even though the economy is difficult, including company finances, it does not mean that the promo program is eliminating. In fact, this is the right time to attract consumers and boost sales. Hold attractive promos, such as cashback, discounts, special prices, gift shopping vouchers, or others.

7. Collaborate

Companies can work with other startups to increase sales. For example, collaborating with other startups with the program, applying for a credit card at A, can get shopping vouchers at B.

You can also use the services of YouTuber, celebgram, or influencer. The company endorses one of the well-known celebrities who have thousands of followers. But of course, companies must be prepared to pay them at various rates.

By pauline

Related Post