4. Hire Freelancers
If you can’t afford to hire a full-time employee who may be very expensive—to hire freelancers. A lot of highly qualified people have lost their jobs because of the pandemic. These people have thus resorted to freelancing websites like Upwork and Fiverr to offer their services and skills.
Hiring freelancers can be immensely beneficial for a startup business because these professionals can be hired for an amount of time needed which eventually saves a lot of money for the company.
A little caveat before you hire any freelancers: ask for referrals, look up to their previous work, and talk to their previous clients or employers. This will give a better understanding of the quality of their work and what they have done in the past.
All things considered, freelancers will often work on project basics or per-hour basics which is a very good bargain because you are only paying for what you need.
5. Managing Funding and Investment
It is important to pursue a sustainable business approach in which all resources, especially monetary resources and funds, need to be used consciously. The secret to survival will be the control of cash flow and resource conservation for a few months—after the continuation of regular operations.
Another major step would be to carry out a well-informed analysis of fixed v/s variable cost elements. Do within the overall cost structure to plan for better financial management shortly.
Startups also need to be patient in raising investments post-pandemic. While investors would eventually loosen their purse strings in the short term, closing their investment calls will take a long time for everyone. From the perspective of investors, a technical play will be sought after.
Still not sure? Consider our popular course: Finance for Everyone: Smart Tools for Decision-Making
The number one move here is to keep surviving—just like you managed this far. But if you failed to do so, nothing really matters. Nobody knows how long the after-effects of the economic crises will last.
Therefore, the conscious master plan would be to put aside all the wonderful plans to become a huge company with first-class products. Instead, maintain the continuity and consistency.
Remember that no matter how severe and disruptive this crisis is, it shall pass. The moment is the ultimate test for the founders to come out with their bold leadership and guide their company throughout.
Maintain a positive attitude and follow the above-mentioned steps and your startup business will come out of this situation even stronger.
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