How can a Startup survive in Lockdown crises?
The coronavirus, also known as COVID-19, has put the billions of Indians and other nations into stagnation. Also, the economy seems to be sliding down. All the start-ups and SMBs are facing the same issue as yours – how to work and deliver?
Industries have been temporarily closed until the lockdown and pandemic ends. Start-ups are no exception. The devastating effects on travel industry can be clearly felt with hotels and flights closed.
Some Indian leaders and startup enablers have come up together in support of startup community. Other than these, intuitive employee experience solutions like HRMS system can solve more than half of their difficulties.
What basic challenges would a startup face amid lockdown?
- No cashflow
- Payroll for remote employees
- Employee expense
- Office bills
- Employee morale
Being a startup, there are no really established source of income through which the team could survive. Think about a service based startup. Like cab service, hotel service, rafting, camping and similar. Due to almost zero cashflow into the company, the expense for paid interns and office people becomes a serios issue.
With not so promising revenue and future, employee morale is a great challenge for the owners and stakeholders.
Listed below are some potential solutions to face the lockdown crises for the business owners:
- Internal cash flow projects
Sitting and crying over no income would not be a good idea. Instead churn your brainstorms in the team and build up a project idea in order to get some internal cash flow system. Complicated? Simple- look for subscription or membership plans! People subscribing to your service, brings new revenue model along with a new possible customer base.
- Self-service solutions
Are your unpaid interns and internal customers getting lost somewhere? Seems to be losing their motivation and spirit ahead of the pandemic? You can possibly adopt or subscribe to an HRMS system with an integrated ESS portal (Employee self-service). Employees can virtually connect you through their mobile phone and request leaves or access any data at any time. Such solutions can keep employees engaged.
- Virtual timesheet manager
Worried about your employees’ daily work? Not only startups, but also high performing companies could face the issue of tracking employee timesheets. Managing a remote working is difficult. There are a lot of options in payroll software in India which provides dedicated module of timesheet management.
Through this, remote workers can upload their worksheets with respect to worked hours. also, generated reports can help in processing payroll easily and accurately.
- Firm your digital presence
Great opportunity for startups! With nothing much to do, marketing department can make the most of this lockdown. People can be seen vigorously involved in mobile phone usage. Where are they? Obviously, social media! A business at such times can develop their social media presence now. No better time than this lockdown is to make your digital presence sturdy!
What’s the lesson?
No challenge is difficult unless you don’t know how to face it. Situation like coronavirus lockdown also can prove to be the god’s call for a business. The leaders need to bring the best out of them and never let the objective down.
Let’s face it together!
Thanks for reading.