The impact of the pandemic we are facing today creates a big problem to the startups around the globe. Declining market funding is inevitable as this pandemic is still there. So, the question is, how can we survive in this situation? Well, during this situation, you only need to be more creative, to analyse deeply on how to resolve it, and to survive.
Some entrepreneurs decide to move their businesses online to let it survive with this pandemic. Because as we all know that the crisis we are facing hinders s people to go out. So, what we can do is put our businesses into risk in the online competition.
What Would We Expect In Startups Into This New Normal?
Well, as we hope that this pandemic we are facing be over, and a new standard will welcome us. Business is business as usual, but some things will change, such as in the startups. How big would be the success rate when you start a business
- More Money Would Not Be Necessary
Investing in your startup is essential. However, it is more likely not to be successful. Which this only fuel or increase the quantity in your business, but it lacks in the quality. Having a good quality is mostly be the successful one over quantity.
- The Stage Is Essential For A Recession
For the early-stage companies, they tend to be in the survival mode as they only have a small base of customers or clients. And the cutting of the operating expense is deep and sudden. However, in the mid-late stage of the company, they have a little edge. They can still have the chance to focus more on driving efficiency or how to improve and develop their product. Through this, it will help them to restart and let their economy grow more back and above in this new normal.
- Be Prepared For A Slow Increase
With this long effect of lockdown because of the Covid-19, expect that it will be a bit longer before your financing comes back to its average.
- Virtual Offices
The possibility of offices gets to be more in virtual is highly to happen, because of the pandemic that we are facing today. It will be a significant game-changer for businesses, but for them to catch up, they still need to do. It’s also beneficial for those who are working as freelancers and expanding their work all across the globe. For the early stages’ companies, this will be traction for them to communicate through this virtual office.
- Delivery services
Delivery services such as for food made online already trend way back this pandemic doesn’t happen. But now, it will arise and be more hit as many people are stranded to their houses. This will also lead to a significant change fundamentally in terms of delivery services. This will also be brought new games for the food companies.
- Home entertainment
As much as possible, we must keep a distance of up to one meter to people. We are also advised not to go outside as prevention to this COVID-19. Due to this, we cannot go to silver screens to watch our favourite artists in their latest movies. Home entertainment will be the most in-demand as they would not need to go out to watch movies.
Tips On How to Adapt to The New Normal
Practically the pandemic affects our lives which it creates great difficulty to the different organisation. Fighting to survive is the least that the different organisations can to with this extreme change happen. And the Startups are not exempted from the economic shut down because of this pandemic. They lack the resources to be able to survive as to the lack also of cash flow from their customers and investors.
But luckily, startups are agile from the traditional organisation, which they are quick to adapt to the change. And to provide you tips, here follows how to startups adapts into the new normal.
- Control The Data And Metrics
Such as the future and existing customers adapt to the new normal. The digital products and services will have an increasing demand as the work from home strengthens. And with that, it generates new data for the usage and behaviour of the customer. The startups can quickly identify on ow to support the trends, transform it into behavioral data to show insights, and adjust their marketing to be able to meet the demand of their customer.
- Strengthen The Relationship To Their Customer
One edge of the startups is the have the time to focus on their customer. Relatively, strengthen their relationship to it. They used to connect deeper to their customer, which are a great strategy to get to know how to maintain and gain more customers.
- Let Your Organisation To Be Connected To What Is Present
Making your business into relevance to the present is essential for it to survive ad adopt what is likely to make their business stay or alive.
- Plant For The Future
This is not the planting, but it only stated that this pandemic would not be forever, and we don’t need to wait until when it stops, we need to be productive. And startups can look ahead for three-to-six months to be ready and rise again. So, it only states that let this lockdown be the time to make a plan for your new normal.
Overall, the main rule to be able to survive or adapt to the new normal is to be always ready. They are always getting alert in the changes that happen in the world. And as of today, startups are already using highly scalable technology. Providing them an opportunity to adapt ad anticipate the possible changes in the environment.
A startup can also use their time to revisit their underlying assumptions in their past decisions. Also, the product design to dig into the data to study and learn from their customers. Through this, it will help them to cater to the products and services that need some changes. This will also help them to adjust the product to be relevant to their customers and the new one in the new normal. And to let their business standup amid this pandemic.