5 Ways to Combat The COVID Damage That Start-ups Suffered

The past few months have been a roller coaster ride for almost each one of us.

The uncertainty of these times has inculcated deep rooted fear and anxiety. So how does one come out of it?

What can a start-up do to soar through these difficult times? 

Here is a list of steps that we curated looking on trends in India and abroad to help you work in this uncertainty.

Deducing information that we obtained from the companies we looked at, which ranged from state-owned enterprises to multinational corporations to local private companies. We observed that almost each one of them was forced to quickly:

  1. Leverage digital technologies so that they could modify and innovate
  2. Attempt out novel business models
  3. Seam together antidotes to address emerging and formerly unrecognized customer requirements.
  4. Formulate new business strategies and practices
  5. Redefine models for affiliation and teamwork.

As companies gear up in order to wake up from their COVID 19 slumber, one thing is certain. There are a few challenges, that are here to stay. Hence, it is obvious that these unprecedented times would require some unprecedented measures.

Here are five measures that one can adopt to lessen the burden this pandemic has put on everybody.

  • Adopt new modes of communication: The shift of communication from a personal to a digital one was one of the biggest changes that this pandemic got us used to. From schools conducting their classes online to companies carrying out their day to day procedures on digital media, we have seen it all.

In fact, many Leaders reported that communication during the pandemic, although less “in-person,” tended to be more personal. Many avoided email and used audio apps such as DingTalk or WeChat instead, or internal apps developed to facilitate information sharing and employee interaction. Interestingly, a number of leaders of multinational companies said that they felt handicapped by the incompatibility of their global communication channels with some of the popular local communication technologies used by Chinese companies.

  • Transparency is the Key:

 In a survey, leaders of firms who had successfully managed the crisis told us they regularly kept their teams up to date on the state of their organizations, as well as the priorities and principles that would guide decisions at all levels. These leaders said they plan to sustain this higher level of transparency and information sharing going forward with more frequent, direct, frank, and personal communication.

The increased transparency wasn’t always easy. Multiple leaders told us that they felt their actions were under a microscope, with employees watching to see whether their behaviour aligned with stated corporate values.

  • Formalise and enable remote work:

It was noted by Harward business school that, remote working was rarely practised or supported in China prior to the pandemic.  Given that the 9-to-5 workday was unlikely to transfer from office to home environments, managers needed to accommodate, within reason, varying work schedules based on personal circumstances and constraints. More self-motivated and outcome-focused individuals were able to make the transition seamlessly, but others who were more comfortable operating in a traditional command-and-control mode needed training to be effective.

  • You employees need your help!

Surveys report that employees experiencing high levels of anxiety and lack of motivation. This was particularly true of millennials whose careers had been fueled by the tailwinds of meteoric and consistent growth over the past three decades; they are fearful that the future will be less bright, with growth opportunities significantly reduced relative to their parents’ generation.

  • Accelerate digital transformation:

The sudden, unexpected economy-wide lockdown compelled firms to switch literally overnight to entirely digital models. Speed was of the essence: they required to find efficient solutions for developing customer demands, withstand process barriers inflicted by the lockdown, and unearth cost savings. Industries that would otherwise have taken years to comprehend their digital transformation agendas stimulated their efforts dramatically.

Bonus hacks for planning in a Post-COVID world:

Here are two additional findings to help you plan.

Studies dowed that market-leading firms— actively invested in the short term with the sole focus of expanding their long-term benefit over less endowed adversaries. The leaders of these firms reacted to tough times not by conserving resources, but by investing their stocks in strengthening their firms’.

Secondly, it was found that the firms that flourished the most were aggressively speeding up and improving their digitization strategies, and executing systems to ensure that new skills, training, and behaviours are incorporated into their organization’s muscle memory. They further comprehended that substantial discipline will be needed to ensure that employees do not regress back to pre-crisis habits.

Do you have any more tips to help start-ups grow in these difficult times? Tell us below!