How do Businesses should behave due to the COVID-19 crisis?
COVID-19 and businesses
A major problem called COVID19 has created ambiguous conditions for businesses. What is needed in this situation is for business owners to keep their composure and avoid making hasty decisions.
In this article, we want to summarize the advice of David Blumberg in the article entitled “Navigating The COVID-19 Pandemic: Advice For Startups And Venture Capitalists“. Stay with us.
Have a long-term view
It’s better for Companies to look at this situation as an investment for a business. Remember big companies like (including Facebook, Microsoft, Nutanix and Electronic Arts) were founded in a recession as well you are in. So don’t be afraid to try new opportunities in this situation and continue with confidence.
Startups and COVID-19
Startups should focus on research and development and people. For entrepreneurs who have enough resources to save for 3 to 12 months, it’s best to develop a better product, revise processes, and provide excellent customer service. These can give your business more power than ever before.
The type of relationship you have during this critical time with colleagues, employees, and investors is the personal level. Creating telecommuting opportunities for employees can help improve relationships and build more trust.
Consider your vision and know that this is a temporary situation. So use this time to improve the situation for the next time, such as hiring better people and training them and etc.
The company’s budget and cash flow are limited. So use it properly by setting the right priorities. And take advantage of financing opportunities such as loans and similar conditions.
It is true that you are experiencing complex situations. But look at the green light at the end of the road and make sure that all your work today such as “the exhibitions, resources deployed, lessons learned and new protocols implemented” will help you succeed more in the future.