Startup Survival Tips (con’t)
Tip #2: Connect with your employees, clients, investors and business community.
Stay connected. Let your staff and business community know what you need, and what you are doing to keep your operation running during these challenging times.
Be honest, without being despondent,
Share gratitude for their loyalty and support, and
Show that you are working hard to keep things rolling.
In this environment, more transparency is better than less. So, be overly communicative – hold Zoom calls, use social media, let your team know about the difficult decisions you are being faced with. As much as possible, involve the people you want to keep engaged, as this will help them better understand your position.
Tip #3: Create opportunities for a new & improved version of your business.
Ask yourself (honestly!), can you pivot your business to address market demand opportunities amidst COVID-19? Is there a part of your business that could use a refresh, like your investor deck, or operational plan? Now is the time to think outside the box and create opportunities for greater success in the future. Don't panic, come up with a clear plan, and execute. You know your business best.
A global health crisis has become a part of your startup reality. For those of us who have been in the trenches, we know that the startup life is not glamorous even at the best of times. COVID-19 is a test of your ability to adapt and keep going. If you are feeling overwhelmed, we are here to help, info@formationconsulting.ca.
