What’s next? Here’s how you can lead your startup in corona times
Amid coronavirus pandemic, obviously we can assume that it’s no longer business as usual, no longer a regular market, especially in case you’re leading a startup or a small company.
It’s time to go into crisis mode. Of course, this could not exclude the startuppers. In fact, it’s particularly true for startup leaders, whose companies likely lack the resources that established enterprises can mobilize to see them through the storm.
That doesn’t mean panic, but it does mean prepare. Here’s how you can lead your startup in corona times:
Analyze the resources you have on hand and picture how you could make it last for at least six to nine months onwards. And if you don’t have enough, consider how you could cut expenses or increase sales by doing something different.
Think survival, not strategy. This is not the time for strategizing or doing long-term planning, which require the ability to forecast the future with some degree of confidence. Strategy will be dictated by whatever is necessary to keep the company afloat until the crisis abates
Put your people first. The health of your people takes precedence over the health of any business. Nobody signed up to put their life -or the lives of their loved ones- on the line for the company.
Explain your expectations from the team and maintain a healthy team spirit. Your team can be just as happy, connected, and productive at home as they are in the office.
E-meet daily. The crisis teams need to meet with greater frequency than the frequency with which conditions are changing. In today’s situation that means anything less than daily meetings will “make the ship seem rudderless”. Make the meetings succinct and sharply focused on how to respond to newly accumulating information.
Consider finding alternative resources with a better value for money ratio. For instance, switching the non-vital processes to an outsourced team can possibly decrease costs.
Above all, be honest. No sugar-coating, making false promises or withholding information. All stakeholders should be able to trust that you are telling them the whole truth and nothing but the truth. Widespread crises always threaten to fray social bonds and precipitate a destructive everyone-for-themselves response. Trust is the most important -and fragile- of those social bonds.
Last but not least, be optimistic; of course, coronavirus isn’t something we’d have wished, yet from ‘dark” times and reframed perspectives comes innovation and creativity. Besides, startups are flexible and they are able to adjust to changes faster. Believe it or not, corona times might turn out to be a major opportunity to come out of this disruption stronger than ever!
Now, more than ever, synergies between early-stage startuppers are crucial for their survival. At CapsuleΤ we have already encouraged our teams to entertain the idea of proceeding with potential partnerships, since they can support each other with their products, provided that they have a like-minded business approach. Besides, part of our mission is to play a key role in the development of the Greek startup ecosystem and promote collaborations between all tourism stakeholders, especially during these challenging moments.
Sources: Forbes, ggvc.com