Four powerful startup strategies to apply during the pandemic

Amid the pandemic, leading a startup offers more flexibility in exploring new ideas to adapt and stay resilient while battling the economic impact of Covid-19. Here are several powerful strategies from veteran startup founders that you can apply.

First of all, you have to redesign a new operating plan and cash forecast. You must know your bank balance at all times, and you also have to check on your operating cost regularly. You have to anticipate challenges such as supply chain disruptions and decreased productivity from employees, so take these into account when devising a new operating plan.

Next, you need to reevaluate your personal costs. Financially, the first thing to do when push comes to shove is to reduce your own salary. For a small team, reducing employees' wages is the next thing to do to avoid layoffs.

It would help if you also discussed your revised business plan with your investors. If you try to sugarcoat things by saying that your business is running as usual, you will lose your investors' trust. You have to be upfront and continuously update your investors on your solutions to your challenges.

Finally, you have to be transparent to your employees regarding the state of the business. You can include them in meetings regarding budget cuts, for example. Plus, they can also come up with solutions to the business's challenges, such as reducing the office snacks or canceling employee gym membership for the time being.

To summarize, facing economic uncertainty during the pandemic is extremely challenging as an entrepreneur. However, you are not alone in this industry, and there are always others that can extend a helping hand. Moreover, a massive societal change can also open a new door to other opportunities for a startup.