Almost all businesses are knocked down by the worldwide COVID-19 pandemic. A recent survey conducted put together by FICCI and Indian Angel Network unconcealed that seventy percent of startups across the world are affected by COVID-19 whereas as several as twelve per cent have had to halt operations altogether.
These are troublesome times that nobody was ready to contend with. The prolonged internment had a huge impact on the startup system. With the continuing crisis, to stay startups afloat has become quite a challenge. However, this challenge may be eliminated if entrepreneurs adapt to the present times, adopt new methods, and pivot their business plans.
The truth here is that the international pandemic has modified the definition of traditional. The ways in which and methods that would work for businesses pre-COVID-19 might not work for them within the future.
The pandemic became a wakeup for entrepreneurs to pivot and switch to adapt to the dynamical world of business. So, here are some methods to assist your startup to realize its ‘new normal’ throughout COVID-19 and on the far side.
What will startups do to survive within the new normal?
Innovation is the key to the survival of startups. And to develop innovative solutions for the long run, startups should acknowledge customers to focus on and what technologies to use, etc. Thus, startups seeking to accomplish a far better position within the new traditional, it's necessary for them to chalk a business strategy step by step.
Be proactive with client outreach: Startups ought to understand that the pandemic has brought an enormous behavioural modification perceivable among the shoppers. Their tastes, disbursal habits, needs, and needs have a knowledgeable and unstable shift. As a startup, outline your outgoing strategy and generate leads from all the mediums. Social media platforms and digital promoting are your strongest ally throughout these times.
Adapt to a dynamic environment: For any startup, it's necessary to spot however the business surroundings are ever-changing. Arrange for the worst and hope for the simplest. As an example, tech-driven startups should embrace the present climate of digitalisation. Those businesses that specialize in technologies comparable to huge knowledge, cloud computing, and IoT are positioned in a very higher spot to guide much-needed international, economic, and social group modification.
Cash is king: For any startup, funding is fuel to propel forward. As early-stage startups don't have any revenue, the burn rate is generally up to their total monthly disbursal. Thus, reducing burn rate is very important.
To know more on the New normal business for startups, refer to these links:
Strategies To Be Followed By Startups In the #NewNormal
Here are the strategies startups must follow in the new normal - Click here
We, at OpenGrowth, are continually looking for trending startups in the ecosystem. If you want to know any further information about the startup ecosystem or have any mind-boggling ideas, do refer to the other blogs at OpenGrowth. If you have any suggestions, do let us know in the comment section below.
Contributor: Sudeshna Dutta
Sudeshna is an engineer in making. She is a writer at OpenGrowth. Apart from dealing with circuits and chips, she is passionate about being a keyboardist and pianist and wants to attain professionalism in it with her talent coupled with hard work.