Post-pandemic revival has been a struggle for many businesses, not because of a lack of effort and dedication, but because market dynamics have undergone a sea-change. In the past, companies operated with a mix of traditional practices and new-age technological tools. Now, they must embrace modern technology more openly. This adjustment has proven to be the biggest stumbling block in reviving startups and small businesses. Honestly, this roadblock is a small bump in the road. If you overcome it, future sailings will be smooth and effortless, even under inclement conditions. So, in this post, we highlight 5 useful tips for startups to revive post-pandemic.
5 Useful Tips For Startups To Revive Post-Pandemic
- Assess The Damage – The fact that you are planning to revive your business means somewhere down the line, it has suffered a setback somewhere down the line. Otherwise, it would have been a question of continuity and not revival. Consequently, the first step is to assess the damage. An ideal starting point would be the P&L and cash flow statements. Its comparison with the past performance will highlight the percentage of loss. With a clear financial picture, you can plan better in terms of cutting down costs, arranging for funds by borrowing capital, or liquidating some non-essential assets.
One thing you should accept right off the bat is that without putting in more money, there’s no way to resurrect the business. The good news is that you won’t have to pump in as much money as you did when you started because the bones of the business are already in place. Your investment now is all about making it alive and kicking. So much of the hard work is already done. Now is a simple matter of picking up the pieces, starting with a fresh outlook, and revisiting the goals to make them more realistic.
- Embrace Technology – To become lean and light, you must step up your game and accept technology as a friend, not a foe. The digital-first approach should become your new mantra. Take your business to the cloud. Store all data, applications, and processes over it to make them accessible anytime with the proper credentials. This way, even if you are cut off from the traditional office setup, the work will still continue without any breaks.
Your customers are spending more time online now than ever before. Make your business easy to find and attract them through incentive schemes. Build your customer relationships and open personalized channels of communication with the help of Conversational AI platforms. In fact, opt for Integrated Services, i.e., using tools or apps that help get more done. Over half of SMBs use CRMs as centralized systems for marketing, sales, and other business efforts.
In all this, don’t forget the content. Your audience is not spending all their time watching OTT content. They are on social media platforms reading your tweets, comments, product promotions, blogs, etc. If your content is not up to par, it will not leave an impact, making it easy for your business to disappear from their spectrum of interest. Startups can use AI writing software to save time and money in generating original content to stay in the eye of the audience.
Ultimately, technology is your only savior from uncertainties of the future. So the changes you make today will ensure your business continuity and how customers perceive your brand.
- Follow The New Business Trends – Globally, one thing that all businesses have accepted today is that being lean and light is no longer a concept in books. It is essential to incorporate it in real business scenarios. This is true not just for the big enterprises but for every size of business, including startups. If you wish to adapt to the changes quickly, you have to ensure that you are not building heavy assets.
Naturally, this must bring to mind the question – “Without heavy assets, how can I run a truly successful business?” In the past, it was a big deal for companies to have their own technological assets and dedicated workforce. Nevertheless, the advancements made in the last decade have ensured that you no longer have to stick to the traditional methods.
- Adopt A Positive Approach – Almost everyone has suffered one way or the other during the pandemic. Feelings are low, and pressure is high. Therefore, adopting a positive approach is all the more critical. Give your employees empathetic leadership. Support your employees and their work. Invest in making them more skilled, have open and transparent communication channels, and encourage them to think outside the box.
Your team is your most valuable asset. They will be instrumental in the revival of the business. However, once things are on an upswing, don’t forget them because the next trough might just be around the corner. These very people will see you through every up and down. Hence, value them. Adopt project management tools that allow flexible working schedules, revisit their duties if necessary, and pay attention to what is not being said.
- Budget Ahead – When work resumes, you may realize that you need to hire more employees or buy new equipment. All this will not come cheap, and every expense will pinch because there’s no profit to show as yet. Therefore, the importance of budgeting becomes manifold. It will help you to stay within your means and not go overboard. So budget for the first six months and then the next until the business is in a comfortable place.
Proper budgeting means prioritizing your needs, so start with the most important to the least one. Don’t try to address everything in one go. Revisit the work goals, start in phases, and outsource parts of it to stay within the budget if required.
Post-pandemic revival is not difficult if you start with an open mind and a clear picture of where the business stands currently. Financial planning and a digital-first approach are the two mainstays of post-pandemic revival for startups. Valuing your human resources and embracing technology will be your biggest assets that will also help wade the uncertainties of the future as well. Integrated services (like CRMs), AI writing tools, and Conversational AI platforms are all technologies that need to be leveraged to get more done in less time. It is time to think of every crisis as an opportunity to do things differently. Trust your capabilities and have faith in your brand.