How to Face Coronavirus Recession : A Startups Guide
A short while back, when this CoronaVirus started in the Chinese economy, people were baffled up. Theories and case studies were coming in stating the great recession that is about to go in if this viral outbreak is affecting the other countries. We were then lethargic, thinking this isn’t coming here. But what happened today is alarming. Perhaps more than just troubling. We believe we are stepping into recession. But what we don’t realize is, we already have.
As Mark Mobius had mentioned, India is no far from the recession now. We have already stepped into the pool. The economy is crashing the way it feels like bloodshed to most of the investors. Startups are either going high with their products being on hike sales, or they are being bankrupted with zero sales. With these two extreme situations being on raise, there is a high imbalance in the shifting sales pattern that is getting the business world to stay confused at the threat.
This novel coronavirus epidemic lead to a lot of disruptions when mentioning a few would include
- Fear of spreading the epidemic, thereby allowing work from home.
- Cancelling plans for foreign meetings and conferences
- Gatherings and employee meetings are either postponed or cancelled.
- Halt in the supply of resources
- Delay in courier and processing
- Support systems and auxiliary services getting disrupted
More than these, there are a lot more things happening, making the process of doing business a confused and disorganized one. During this situation, there are other issues like,
A workplace is a diverse space with people from multiple origins, creates a fear. The organization cannot lay rules to isolate workers based on their background or geography as that might go against the company norms and healthy relationship. But at the same time, there is a fear regarding being united.
Being a highly contagious disease, without proper sanitation and precautions, the rate of disease transmission is high. This thereby causes issues that might account for either the spread of diseases of physical isolation.
Change of Business Plans:
The highly competitive and growth-oriented startups have schedules that had to be taken care of. But due to this plight, the situation has risen to an alarming state where finding time for scheduling meetups had become tedious.
This, in return, causes issues that trigger the downfall or at least a stay in the growth rate. Being a small business or a fresh startup, this has instilled a state of pause in the business rate that needs to be concentrated on.
Diminishing Supply of Resources:
One of the significant matters of concern is the supply of resources. Every business would have a set of requirements that they would need daily to continue working. When there is a situation when you won’t be getting them, that is when the work suffers a pandemic.
Though it is taken as a preventive measure, when taken in terms and perspective of work and business growth, such a halt in the resources would have a drift in the way your sale forces up or comes down.
But when we get in the reality of this situation and the stagnated mode of work, it makes zero changes when we keep on ranting about what’s happening. Though the case needs to be understood, it makes no change if we don’t make an effort towards changing it and making gold out of the available puddle.
Few tools help work from home situations become easy and help workers stay connected. Here are a few connecting media for businesses that will help you have no changes in improving your productivity.
- Slack – Slack is an online platform that operates as a pool of connecting employees. This platform helps people stay connected and share work updates and information to the floor. This can help in a way that, through one message, everyone can be aware of what is happening, and they needn’t inform individual members in case of any updates or information.
- Trello – Trello is another new module for assigning tasks. Whenever one person has to assign tasks to another one, to notify deadlines and to check the status of any responsibility, Trello can be of significant help as it gives a clear idea of what state a task is in, how many people are involved with the mission and what are the deadlines and number of jobs in line.
Other than these, You can also use Zoom Calls for your virtual meetings.
There are other social marketing tools, too, which come into significant play and that help companies scale up to their business heights. The importance of Digital Marketing and Social Media Marketing isn’t a new one to be reinforced at this moment. We all know how much they can help us scale heights. Especially in this situation where everybody is connected only through the Internet, this facility and way of marketing are skies rocketing with all teams getting shifted towards Digital Marketing.
Other than the way of working and means of getting things done, many different parameters are supposed to be considered, especially in this situation.
- Stability of the Company
- The healthy state of employees
- Sales plans
- The next step to go high after the recession
These points hold a significant playback in this situation as the downturn is anyway coming to an end anytime soon, and the next thing that matters is to get back what we left-back. In this process, we should understand a few essential things.
What is happening in the market now?
When answering this question, you need to keep a keen eye on the kinds of businesses that are going up and the ones that are coming down. This will give you a clear idea of what kind pf products are on the hype now and what businesses are coming down. Also, this will provide you with a clear view of the types of funds you need to be investing in.
What position is our Company in?
When you realize where you are right now, the path to going high is going to be very easy. We will be getting bright ideas on what is currently working out, what we lack about, and what needs to be put up. This would be the best time to get your SWOT analysis done. And also a great time to get to know your competitors, get their research done, get their SWOT analysis, and get to understand where you stand among the crowd.
What is to be done?
Now that you know what is happening in the market and what state your business is at right now, the next step is to draft a plan. A plan that will work and a program that will help you achieve your goals and targets. This plight is the time where you can postpone your task deadlines and plan accordingly in such a way that when the recession ends, you will have a great deal of time and resources available for you to gear up and get things right.
Planning and Assorting our work roles and targets are the most prominent deal to be taken at this point. Though we all are business concerned and workaholic, there is another thing that needs to be on top priority. Health and Sanitation.
In the long peak period of pandemic effects, health must be our top priority, and keeping and maintaining hygiene is of grave concern when it comes to maintaining a livelihood.
So as WHO suggests, few things need to be taken into high consideration to prevent coronavirus Pandemic.
- Maintain hygiene by washing your hands often
- Don’t touch your hand’s eyes and face very often
- Always carry a sanitizer with you whenever you go out
- Better to wear gloves and covered clothing to prevent disease spread
- Still cover your mouth and nose when you cough or sneeze
- Take proper mode of disposing of used tissue papers
- Don’t discard sneezed tissue by the roadside, throw them only on garbage bins
The way we take care of ourselves, our surroundings, and our business play a significant role in deciding our standing place in this recession. So make sure you don’t sacrifice one element while being over-involved in the other.
Let’s take a pledge to stop the prevention of COVID-19 by staying hygienic and staying away from crowded places. Once we are in the course of better health, every other component of life is coming back to us.