The COVID-19 pandemic has developed into a full-fledged medical emergency on a global scale with economic ramifications. This is a cross-border crisis, and also it has affected both. Large- and also small-scale industries as well as global brands. Startups have always had a name as far as flair, creativity, and also flexibility are concerned. Once again, the world is looking forward to start-up investors and entrepreneurs to bail out flailing economies worldwide.
According to EJ Dalius, crises are quite a commonplace occurrence in human history. As someone with experience from the economic recession of 2008, our expert has put forth. A list of personal experiences that might prove useful to the current generation entrepreneurs and also investors. So, without further ado, let us have a look.
Crises are temporary
As stated in the previous section, crisis times are temporary, but their ramifications can continue forever. But this is where it is crucial not to lose hope. And also the right time to act in an emergency. As a start-up, you are supposed to test your mental strength and also mettle when tackling the challenges head-on. So, maintain a good line of thought and also communicate your hopes. Dreams, and also fears with your friends and also family for the perfect support system.
Transparent communication is the key according to Eric J Dalius
People build businesses on communication and also you will need to keep lines of communication. Open at all times with your principal investors, team, and also other resources. Keep in mind that maintaining clear communication lines encourages teamwork. And also makes sure that everyone is on board before taking any step.
It is also the most critical step that increases the team’s reliability and also maintains accountability. You must always be in touch with your investors as they are the ones. With years of experience and also a suitable platform from where they can guide your venture.
Any crisis demands and also quite naturally justifies cutting the costs. But it is vital to be intelligent regarding cost cuts. It is essential to reduce everything that is not critical to the operations. And also this might include extra office space, communication devices, and also other facilities.
Anything vital stays on, and also the rest needs to go. Additionally, this is the time for collaboration and also resource sharing. Which will enable you to forge fruitful partnerships that will last for years to come.
Development and marketing are two sides of the same coin
In this world of fast pace and also action. Business development processes and also marketing processes need to be efficient and also work in tandem for the best results. It is essential to understand that the two are the most vital components of any business venture. You must develop your concern into the most tech-savvy of the lot to build. Streamlined processes that will be beneficial not only for the end-users but also for the workforce.
Lastly, it is vital to keep an eye out for the emerging. Markets and also lines of credit that can ease over a tricky situation. All the best!