Startup Survival in the Post-Coronavirus World


Let's face it, we're living in a brave new world where the Coronavirus pandemic has effectively changed the landscape of how we live and interact with others. It also created a corresponding ripple that ripped off the fabric of society and the way we do business. With that, the once-promising startups and emerging businesses are severely affected by the implementation of travel restrictions, social distancing, and other draconian measures, which have impeded interconnectivity and people-to-people interaction. Many startups are facing these huge challenges as they try to survive and thrive in a post-Coronavirus world.

As long as there is no cure or vaccine developed to combat this health menace, more and more companies, big and small, are bleeding for money thereby causing them to close shops and let go of employees in the process. Those that rely so much on people are forced out of business. Profits and income were slashed by more than half as people are stuck at home.

However, some startups have managed to hang on and survive thanks to telecommuting and virtual offices. Essential businesses, especially in the logistics and consumer goods sector, have either remained untouched or even thriving. Nevertheless, most startups should prepare well to deal with the long-term economic impact that Coronavirus will leave on their businesses.

Digital payment platforms have taken advantage of this situation so that it allows the general population to pay their bills and get their salary through their apps. Online banking spearheads the growth of digital transactions. In fact, many cash-based societies have to speed up the adoption and transition to cashless technologies. Traditional brick-and-mortar, mom-and-pop stores have to embrace e-commerce to survive.

Necessity is the Mother of Invention

Startups should find opportunities in adversity as it is what they do best - innovate and invent. The pandemic is perhaps the greatest disruptor and so it would be perfectly clear that businesses should rise through the challenge by thinking out of the box. New opportunities will emerge in this crisis. It's time to reinvent those business models and collaborate with others as it is the very basic business ethos - to find solutions to every possible everyday problem we face. Businesses built something out of it.

Try to Diversify

As they always say, "Don't put all your eggs in one basket." It totally rings through it today's difficult and uncertain world. During World War 2, many consumer goods manufacturers have become military contractors overnight by transforming their food processing plants into weapons and armaments factories. In times of crisis, desperate times call for desperate measures. Startups should try to diversify their operations and embrace current needs and demands.

Be People-Centric

It's a reality that a lot of people have been infected and many have died from the pandemic so it is perfectly reasonable to put a premium value on people. Startups should put emphasis on providing value to the people that would buy the products and services. It's a radical shift in policy in the way businesses should operate. Moreover, they should invest in their employees through work-life balance and career growth and development policies. At the end of the day, money can't buy everything as it's the people that will help build up your business.

Pick Up the Pieces

Some people have it, some people don't. It's what you called "resilience." Nothing special but it's a totally different mindset. I remember a lot of small neighborhood stores in my hometown where the owner has to pick up the pieces after a strong typhoon destroyed much of the town. Despite the uncertain future, they remain upbeat and carry on with their business, and eventually thrive. It may be difficult to continue due to ongoing restrictions but you have to find ways to carry on.

Go Digital

We're already in 2020 and digital is the way to move forward. As mentioned earlier, embracing it would make a whole world of difference in the line of business you do. It will streamline operations and it will open to you a much wider market.

It's not about winning or losing, it's about helping each other grow and succeed during this time of crisis. At the end of the day, we're now living in an interconnected world whether we like it or not. If some businesses fail, it will have a corresponding effect on the whole business landscape. Think about this, your success is everyone's success.

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