With COVID-19 continuing to spread worldwide, we are all facing unprecedented challenges with large scale social distancing and temporary shutting down of economies. Mobility constraints have shifted in-person human interaction to digital and remote mode, changing consumers’ behaviours and business operations. Business owners are challenged on every facet of the business; from shifting to new kinds of team and customer interactions to finding solutions to keep the company afloat and rebound post crisis.
To assist businesses in building resilience and minimizing disruption, we have put together a list of potential action items to reference for strategy planning amid the COVID-19 downtime. It is important to recognize that the following blog post only provides potential directions for your consideration.
1. Run your business with sustainable financial capability (burn rate and runway)
Liquidity is one of the key survival elements for all businesses. As seen in the recent depreciated global stock market, investors are preserving capital in cash rather than in other assets. The investment momentum is expected to remain stale until the COVID-19 impact begins to reside. It is important for startup founders to retain as much cash as possible until the next round of fundraising.
2. Adapt to new customer interaction and shift sales channel mix
The COVID-19 pandemic is impacting the world as we know it and a wide range of sectors are affected throughout their supply chain including tourism, entertainment, dining and retail. However, there are business segments which have seen growth in the past few months. Those services are concentrated on digital channels such as e-commerce, food delivery and video streaming. Given the social isolation, digital communication plays a vital role in customers’ engagement. Stay connected to your customers and keep the sales pipelines alive.
3. Minimize operational downtime
With more businesses encouraging their employees to work from home, clear operational guidelines can help maintain employees’ productivity and efficiency.
4. Retool to prepare for growth post-COVID-19
Given the global economic downtime, business discussions are expected to remain slow. It may be a good time to analyse existing product quality and develop better functionality. Get prepared to hit the market again when economies become better.
With the ever-changing situation of COVID-19, the above potential action points represent some of the immediate responses to the disruption. As the pandemic continues, longer-term planning with technology solutions should be in place. Going forward, adoption of new technologies such as 5G network, virtual reality and smart city solutions shall be accelerated given the increasing need for remote interaction and the great value of technology as used in crisis management.
External references:
The Matrix for COVID-19: https://medium.com/sequoia-capital/the-matrix-for-covid-19-c25bd5195f46
Managing your burn rate and runway is key to sustain business operations at uncertain times:
https://www.inc.com/steve-blank/coronavirus-covid19-pandemic-startup-leader-response-plan-strategy-crisis.html
Stay connected to customers during Coronavirus:
https://www.uschamber.com/co/grow/customers/stay-connected-to-customers-during-coronavirus
10 tips to help your business communicate throughout the coronavirus crisis: https://thenextweb.com/growth-quarters/2020/03/12/10-tips-to-help-your-business-communicate-throughout-the-coronavirus-crisis/
Photo courtesy: Getty Images / eternalcreative, US Chamber, Pexel
Disclaimer
This webinar conducted in zoom and the information, statements, analysis, views, opinions and conclusions contained in this Webinar PowerPoint deck and any related materials have been prepared, compiled or provided by “The Mills Fabrica” (which expression covers those corporate entities include The Mills Limited, Fabrica Incubator Limited, The Mills (BVI) Limited and their subsidiaries, affiliates or partners) as a service to its members/site visitors/readers. They are not intended to constitute advice of any kind or the rendering of legal, consulting or other professional services.
All content found on this Webinar PowerPoint deck and related materials including figures, tables, charts, texts, images, audio, recording or other formats were created for information purposes only. They are meant to provide insights, and are general in nature, and the opinions or recommendations expressed in the Webinar PowerPoint deck are those of the authors only and may not necessarily represent the views of The Mills Fabrica.
All rights reserved. No part of any statement made in the course of this Webinar presentation PowerPoint deck may be used, reproduced, distributed or transmitted in any form or by any means, including photocopying, recording or other electronic or mechanical methods without the prior written consent of The Mills Fabrica.
Although The Mills Fabrica believes that all these information, both written and oral, given in the course of or in connections with the Webinar presentation PopwerPoint deck are correct and up to date, no warranty or representation or accuracy or suitability or reliability as to such presentation is given and no responsibility or liability is accepted by The Mills Fabrica or by any of its agents, directors, employees or by any person giving presentations or providing materials in respect of any loss, claims, costs or expenses, including indirect or consequential damages or lost profit, arising in any way from or in connection with errors or omissions in any information provided. The Mills Fabrica reserves the right to amend the information and the presentation at any time without notice.
The Webinar PowerPoint deck may include links to other resources and websites. These links are provided for convenience only and The Mills Fabrica does not endorse, approve or make any representation or claim regarding their accuracy, copyright, compliance or legality. Nor does it warrant the performance, effectiveness or applicability of any listed sites or links in the Webinar PowerPoint deck.
By acceding to this service or accessing this zoom webinar, you acknowledge and agree that The Mills Fabrica disclaims any and all liability to you or any person for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising directly or indirectly from any access to or participation in or use of the information contained in the Webinar PowerPoint deck.
Registration for a Webinar only constitutes an agreement to attend or participate, but not a contract for consultancy or advice. Registration does not establish any contractual relationship with The Mills Fabrica.