COVID-19 not only turned into a pandemic very quickly but it also created an economic-crisis-cyclone. The cyclone managed to suck millions of jobs, small business, and greatly impacted the startup business industry.
Many countries responded by shutting down the whole financial system—something never happened before. Consequently, this created a slowdown in the progress for many businesses and startups of all sizes. Many entrepreneurs started building their companies just before the pandemic and now they are facing a taxing situation.
Therefore, if you’re leading any startup business whether big or small, you must be asking the same question: “what now? What’s Plan B?”
But rather than getting despair about the losses your business might have suffered, we suggest you focus on the business you have on your hand and the business you are going to make.
That being the case, we suggest you to go through the following methods to fist-fight with the crises and save your business:
1. Innovation and Change in Design
Assuming the business interruption as a temporary situation would be a mistake. It’s going to have long-term effects on both the customers and markets. A long-term problem also carries a ripple effect—be ready for it.
The world will be a different one after the pandemic situation. This means that the needs and demands of the businesses (both B2b and B2C) will be significantly influenced—you will need modification into your business accordingly.
For that to happen, innovation is the key. Your business needs to evolve in order to survive the change. What we mean by that is: coming up with innovative ideas for the design of your products; coming up with digital transformation for your business offerings— will help your company to take control of the whole unrepresented situation.
The demand and supply will also change. Industries like tourism, ticketing, restaurants, etc. are facing challenges while according to the data industries like online education, health care, financial services, e-commerce & delivery services, etc. are likely to grow post-COVID.
Regardless of your industry type, the only way to get through this successfully—would be to carefully pivot the business models as per the change in your industry dynamics.