Experience faced during Lockdown
All sectors of businesses & startups have to go through this unprecedented times . Reality has to be faced . - With each passing day Billions are getting wiped off from the economy. - The effect is global , hence the magnitude of impact is multiplied many folds. - Governments will be shelling out their reserves in containing the disease , maintaining availability of essentials to citizens ,hence there would be effect on supportive policies. -
Paying capacities will go drastically down and people will hold there funds/saving to manage essentials only. - Investments will see a decline, impacting employment and cash flow. - Stock volatility will increase. - Decline in manufacturing will impact the GDP is evident. Startups , here is an note of advise from our end to help sail through this.
R.E.C.R.E.A.T.E Rethink you Plan : It may sound absurd , but it is advised to think your plan again and see whether it fit in to continue or start in current times even if you are equipped with resources to run it . Evaluate your Strength : Evaluate & Rework your strength , and direct your work in scope of your own strength. Rely on other in these times may not work. Control Cost : Evidently , you have to work on your cost. both Fixed Cost and Variable cost will need your attention. Rework Strategies : You will immediately need to change your strategy like moving from customer acquisition to profit focus , scaling to optimising , offline to digital . your long terms strategies may not work in coming months and years . hence build short term profit centered strategies. Exempt Non -Essential work : Things will not permit you do buzz work , experiments , extended prototyping that may currently be giving you strategic benefits . Amend you Product & Process : Whether you are a product business or a service business, you can amend your processes and Products a bit (If there is scope and efficiency) , to make the market fit , cost fit and profit centered . Tweak your Model : That anyways keeps happening with Startups , you can tweak your business model, execution methodology to make your venture going in these times. Express your concern : this stands as most important ,
keep expressing your concerns with fellow entrepreneurs , Mentors, customers , team to keep ideating and learning . staying silent , self – conclusions may not work at best..