Startup Business Trends: How to Deal with the New Normal after Coronavirus
The last few months have been all about the closing of non-essential businesses, transitioning from the office to work from home setup, and Zoom-ing to reconnect with clients, suppliers and the workforce.
This is probably the most challenging era for small business founders. Even if there are signs of winning this battle in the number of recoveries, it’s not like the end of quarantine will spell a return to the old normal, especially in the absence of vaccines. It is hard to say yet that life after coronavirus will be the same as before. Thus, preparing for the worst without being pessimistic is paramount for startup founders.
There must be a lot of questions going on in your mind as the CEO of your company. “How much revenue would drop in the next half of the year?” “Should I let go of my people or just let them adapt to remote work indefinitely?” When lockdown rules have been endorsed, your first response was to do everything to keep yourself and the entire workforce safe and healthy.
Beyond every one’s welfare is keeping your business afloat. It is understandably struggling to come up with precise actions when there are so much chaos and uncertainties in the environment. However, adapting your business to the new normal requires a new mindset. This time, you need to focus on relevant measures including the company’s financial health, the return of demand, the disposition of consumers and suppliers, the motivation and sanity of workers, and how the post-COVID19 era will affect the company’s future operations.
To help you get started with preparing your business to the new normal, here are some of the most important actions every CEO can take to ensure the company’s success and safety after the lockdown period.
Update your business plan.
This pandemic has probably destroyed a lot of tools and assumptions you used to rely on when making business decisions. Hence, you will need to redevelop your business plan from scratch by focusing on a solid framework that can support your business in the midst of a pandemic or any other critical situation in the future. By creating a more detailed business plan, make sure that you are also focusing on recovery priorities. For example review of investments, relocation of assets, and recrafting business schedules (dependable on government guidelines).
Protect your workers.
While some employees are longing to return to the office, others are worried about doing so when there is still a high risk of spread outside. You’ve been able to protect your people during the remote work period, but make sure to also ensure their safety once they have returned to the usual workplace. Some companies consider rapid testing for their employees to ensure that everyone is fit to work. Given mass transportations are still a high concern to several affected states, companies are also expected to provide shuttle services, as a simple way to emphasise their concern towards the wellbeing of their workers.
Revisit your costs.
In the sake of business growth, money is king. Business lending and other equity-financing services will firmly become more in demand after the crisis, given several businesses were impacted by the government lockdown protocols. However, over-relying on these financing platforms may even become riskier for the business. Instead, try to reevaluate your account receivables and payables so that you can deduce ways on how to improve your cash flow. For example, do you really need that office space when your business can operate online?
Reassure your customers to revive demand.
Show your customers that they can guarantee their safety from purchasing your products. For example malls, restaurants, and grocery stores are making sure that they are taking temperatures of each customer before letting them in. These businesses are also providing hand sanitizers, drive-thru, and contactless payment to ensure everyone’s safety.
