Startup Survival Tips to Outlast a Global Health Crisis
TIP #1: Focus on what you can control.
This may seem obvious but here are a few ideas to get you going:
Go after available funding NOW!
Active funders are still looking for investees, and new emergency funding is being announced and refined daily. Check out these sites for detailed lists of available funding for Canadian businesses:
COVID-relief funding @cbc.ca
Active funders in Canada @Hockeystick.co
If funding applications are not your forte, that's OK. There are great partners out there who can support you. Check out @GrantedConsulting, for example.
Plan your Cash Flow for the next 12 months, minimum.
Be conservative with your cash planning and look at different scenarios using the funding available to you. Cut costs where it makes sense, but be smart rather than reactive. For example, you may not need to cut labour if you can divert personnel to other revenue-generating activities. Look at options for your business to keep it running, and know your runway.
Check in with your Supply Chain regularly.
Make sure you understand the state of the businesses you rely on for your operation to continue (suppliers, carriers, retailers, etc.). This goes hand in hand with your cash flow planning. Now is not the time to shy away from having uncomfortable conversations around what you can reasonably commit to and what they are able to supply. Be open and honest with your partners and ask for the same in return.
Remember, we are here to support you through these challenging times. Contact us today, info@formationconsulting.ca.
