Coronavirus changes everything; Strategies to help your startup find it's 'New Normal'
Accept the problem. There is no time for denial
This is a pandemic and there is no reason to think that this will not affect your business. Some businesses will suffer more direct. severe and immediate impacts than others, none of us will emerge from this pandemic unscathed. Startup leaders should move past denial soon and start mitigating the scope of the impact, for their sake, the startup and also the stakeholders.
Reassess business as unusual
Prepare for the worst and hope for the best. Sales cycles will lengthen, and average deal sizes will shrink as both consumers and businesses become more reticent to spend. Companies selling physical products will see their supply chains disrupted, resumed and disrupted again as new outbreaks emerge. This necessitates new sales processes and revising how companies operate in order to adapt to the changing business environment.
Be the leader your team is craving right now
The ultimate measure of a man is not where he stands in the moments of comfort, but where he stands at times of challenge and controversy. Do what you have to do. If you can afford to pay contract workers whose jobs cannot be done remotely, do so. If you can afford paid sick leaves for contractors, do that too. No decent investor will ever punish you for incurring costs from doing the right thing. This crisis is happening everywhere and in every business sector. The decisions you make today will always be judged in context. Do the right thing.
Overcommunicate, showcase understanding and empathy
Your employees, clients. vendors and partners are afraid right now. Even if you are physically distant, be visibly and emotionally present. Communicate, communicate and communicate. Use emphatic language to communicate your support and enthusiasm over calls, texts and email.
Don't just survive, thrive
Tough times have lead to great innovations. The amount of creativity from scarcity and reframed perspectives is amazing. Since most people are being encouraged to minimize movement and stay at home, more teams are going to hunker down and create products customers truly love. Workflow automation will take center stage for almost every company that is selling products to enterprises or consumers.