How Startups Will Play a Big Role in Economic Recovery
What’s the new normal post coronavirus, you ask? That leaves a big question mark for thousands of business owners. The online presence of all medium-size and small businesses made it possible to carry out communication and keep the business running on all channels.
Some industries that faced great losses during this time are the ones in the hospitality sector. These include transport, travel and accommodation industry. About 40 per cent of startups had financial reserves worth three months. The economic situation is horrendous like anything. About 74% of startups had to fire full-time employees, and 12 per cent saw their income go up.
Hundreds and thousands of people are returning back home. Talk about more and more jobs created. People are considering returning to their hometown or to less expensive areas. It totally depends on the industry they’re operating in, and the ability to get acclaimed.
Work From Home Trend is Here to Stay
Since many startups and tech companies have already started off the trend to work from home, the model is here to stay. Not only has this given people the opportunity to outreach a global workforce, its already given people the choice to choose between working from home and working in a setting.
It’s Time for Fast Adapting and Creative Businesses to Shine
Startups are the new go to businesses for fast adaptation and creativity. Talk about the will to be more adaptive and creative. The work from home model initially started off with startups. Most of the IT firm started involving women for leading roles. In developing countries like Pakistan where the prospects of working women are bleak, being in the digital business has always been productive. More and more women are contributing to access to education and digital skills.
Join in the League of Innovators
Are you willing to start off on your big startup idea? What are you willing to propose that would change the economic dynamics? As per the stats of the World Economic Forum, the global startup economy surged up to 2.8 Billion Dollars in 2019. That’s around 10 times faster as compared to rest of the economies. Once your big idea gets approved, make sure you’ve got the right amount of funding as well. Are you busy in figuring out that aspect of your startup? Let us dig in deeper in your accounts. Talk to our accountants in London about the funding you’re receiving, the cash that’s going to come in, and we’ll help you sort all out.