A lot is already written about how the pandemic has disrupted businesses, made established businesses pivot, and CEOs considering layoffs.
That sounds easy in blog posts but scary in practice. Personnel issues, administration hassles, and technological infrastructural changes can be painful.
A startup incubator such as Nordic Intent has found solutions to navigate risky waters. It made sense to put down 7 tips that teach company CEOs, startup founders, and future entrepreneurs to steer clear of rocky waters towards success.
Dealing with the pandemic tip #1 – Processes
If you had to lay off employees, it’s time not to reengineer the entire business model or business process. Identify productivity leaks. Find out why costs don’t seem to be in line.
Identify individuals who can wear multiple hats and test them during these tough times. If they prove themselves, reward them for doing more than they usually do.
Find ways to better utilize your resources. This reduces the chance of your company ever falling into a roller coaster of layoffs or growth in the future.
Dealing with the pandemic tip #2 – Scale
Easy scaling strategies need to be implemented. For e.g. move your IT offerings onto the cloud. Increase or decrease its usage when needed.
Consider outsourcing functions either domestically or overseas. This way your company can tune resources in short amounts of time, despite layoffs.
Dealing with the pandemic tip #3 – Metrics
Make sure you keep an eye on the market. The digital economy, as we all know, is a volatile industry. Understand its numerous parameters if looking to, for example, thinking of starting a lending platform or a wallet.
I am sure you monitor internal strategies and operations. Do the same for external market analysis, government policies, and industry associations.
Liken those trajectories with your company’s investment strategy, employee growth, and revenue growth. Don’t forget long-term trends either.
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Dealing with the pandemic tip #4 – Strategist
Hire a turnaround strategist. Find someone who understands mid-market companies and their operations.
Expert advice and guidance are crucial during these times. Business strategists are used to helping companies rationalize their size to reduce spending and restructure wherever necessary.
Dealing with the pandemic tip #5 – Costing
Cash resources and capital investments will no doubt take a jolt. Make sure you reassess the current pricing of services/products.
Never see ‘cash in bank’ or ‘top-line revenue’ as the ultimate metric to gauge your company’s success. With a bloated cost structure, you will always be knee-deep in water. Don’t wait until conditions improve and then you assess the costs. Be flexible now so that you are prepared in the future.
Dealing with the pandemic tip #6 – Borrow
It’s fine if you need to ask for help. The pandemic hit everyone. Do a financial analysis to understand what would be the cost of losing key people in your company.
That cost could sometimes be lower than a financial debt incurred to keep those key personnel instead of compromising on experience and skills.
Dealing with the pandemic tip #7 – Customers
Over-dependence on a handful of key customers can be harmful. Don’t shy away from potential opportunities, but always keep the door open for work that can balance the scales.
Trends in business, favorable or not, can disrupt businesses. Collaborate with customers to rectify product offerings. This way, when you get out of a pandemic-like situation, they recognize your effort to change.
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