Many businesses are forced to rethink their digital strategy. Use this time to form solid strategy to build your startup idea
The current coronavirus pandemic is forcing many businesses to re-think their digital strategy, remote working and how and what to sell to survive or even thrive.
You may think that unless you start selling rolls of toilet paper you may not be able to take your business through these difficult and challenging times but there is a way and it’s thinking ‘digital-first’.
The worst affected industries include travel, leisure and hospitality however Covid-19 has a ripple effect on all types of businesses including small local businesses such as cleaning companies. Worried customers are cancelling bookings and it looks like there won’t be much action over the next 3 months. As an entrepreneur you can use this time to re-think your business and digital strategy rather than binge watch Netflix shows.
Not all businesses can leave their employees working from home, there are plenty of jobs that require a person to physically do it, whether it’s a cleaner, gardener or key workers such as police officers, doctors and nurses and care workers.
But because of some workers having to keep going to work, no matter if there’s a pandemic, they need help with childcare, keeping the kids entertained and fed. Childcare startups and edtech startups are seeing a sharp increase in demand in countries where people are still allowed or required to work. Because the schools are shut and because of quarantine and social distancing they can’t let their grandparents, the most vulnerable group, look after them.
There is a way for businesses to adapt and start thinking about offering digital products rather than physical products. Fitness instructors can stream their sessions online live or upload videos to YouTube. A lot of people will be following the government’s guidance and staying indoors while staying on top of their healthy mind and healthy body. Staying positive will be crucial so you can think about how to help people get moving, improve their mood and mental health. Perhaps you can offer yoga exercises, meditation sessions or whatever else you can think of to lift people’s spirits.
Look at all your expenses and see if you can either cancel a subscription or downgrade to a cheaper one. Is your business going to run without it and most importantly will your customers even realise when you downgrade or cancel it? Instead of laying off your key employees how about they take take a salary cut? If they can work from home they don’t have expenses such as travel and can live on less money. Although our governments all over the world are doing their best to help startups and businesses we can help by trimming down on unnecessary subscriptions.
Yes, there is uncertainty but we think of this ‘downtime’ as a huge opportunity to work on your startup or business and be ready when business starts to pick up. Take this opportunity to plan new strategy, come up with digital products or start developing those app features that you didn’t have time for before. See this as a chance to finally finish what you had planned but never had the time to get around to it.