As the world experiences troublesome occasions due to COVID-19, as a news platform, we initiate to keep your morale high by writing about how a few people are functioning to inspire your wellbeing and occupation. In this activity, we searched for top financial specialists and business visionaries of India on how they are dealing with their assets to remain above water.
Neha Tandon Sharma, Chief Dreamer at Isadora Lifestyle’s and Founder & Managing Partner, Aeterno throws light on how we can stay alive and run our businesses during this pandemic.
We trust our initiative will support the business visionaries and SMEs, who are attempting to beat the pandemic and do their best for the business. So read on to comprehend the slip-ups, recognize the chances, and generally communicate the right plans so the business heads the correct way.
Focus on – staying alive and running the business
Neha believes that this time of a global pandemic is a testing period for all and even more challenging for young companies that are on the verge of take-off. “Suddenly, the wind has been taken out of their sails and they find themselves rudderless. As an individual who has worked with several young companies and now a founder of a startup myself, I imagine that the scenario shall stay bleak for the next 2 quarters and the after-effects for 2 more quarters,” she says.
Now is the time to focus on staying alive and keeping the business running. “If needed, tweak the product to suit existing conditions,” she says.
Cash is King in these times, so hard decisions like whether something needs to be shut down as a loss-making product with a limited future or cutting on the workforce should be made now. “Draw all the debts or open all the channels which will enable cash withdrawal at short notice,” she says
Neha has listed some easy steps for startups to help cope with the economic slowdown due to the pandemic:
- Don't die - expand your runway
- Conserve the cash - make it last for 18-24 months
- Zero-based budgeting - Take this opportunity to revisit the drawing board and question every expense item and re-budget
- Over-communicate - Keep and take everyone together wherever you are headed
- Communicate - Be it salary cut, higher working hours or reorientation instead of top-down instructions, let people get the logic of what and why you are doing something
- Practice empathy - COVID-19 will pass but how you behave and treat people will be remembered. Do what you have to do but be compassionate and cooperative as much as possible
- Hiring - Think hard before you hire. Don’t expect an uptick in revenue in the short term. Hire only if you have to
- Marketing - Ramp up marketing gradually, everyone across the board is in hibernation mode. Consumption will be measured
- Focus on superior customer service - Overdo customer service, surpass the expectations. Use lower volumes to give more attention to every customer
- Pricing - Unless you are in B2B business, don’t reduce prices. For B2C consumption, discretionary product companies, the ones who want to buy will buy. Use this opportunity to serve customers better
Neha feels a little taken aback by the whole lockdown situation. “Personally speaking, it has been like being hit with a tsunami. All was well a week earlier and next week the world came to a standstill. The entire experience has been surreal, right from mass- lockdown to crude oil prices going negative,” she says.
(Edited By Rabia Mistry)