The investor and business ecosystem has taken a hit ever since the breakout of the novel Coronavirus pandemic. However, marketing experts like Beth Debouvre and several other renowned experts have already come up with plans to get through this challenging period. These are quite truly testing times, and this is the main reason why start-ups are gaining momentum in healthcare services to technology.
It's all about innovation says Beth Debouvre
If you are looking for ways to wait out these hard times, then you must focus on innovation and honest work. Keep in mind that most developed nations are scurryingto combat the effects of COVID-19, the overall public health as well as economic health. Businesses have stalled; global trade is at a standstill, and all the supply chains need building up from scratch.
According to experts all around the world, start-ups and investors are in a trying time. But this doesn't necessarily mean that the chances are bleak. On the contrary, according to most of the industry insiders, tactical decisions in the next 30 days will have a butterfly effect for the next 18 months. So, the time to plan is now. And, here is what you need to keep in mind.
For funds, be patient
Patience is a virtue, and in this COVID crisis, having patience is the golden rule to abide by. Agreed, funds will be low and hard to come by. The best option is to make arrangements for funding for at least 12 months or at the max 18 months. Keep in mind that even positive fundraising outcomes will be slow along with a reset of values due to the increased macroeconomic risk. However, the trick is to go for the reasonable-growth-with-profits than the age-old profit-at-all-costs.
Planning is the key
If you are looking to survive then you need to adapt. If you were prepared for the worst, then survival becomes easy. This is why having a plan is always essential. Keep in mind that all receivables will be delayed, there will be price cut requests from the customers, and contracts will not close or get canceled at the eleventh hour. So, realign the goals and make a contingency plan for every scenario. This is the time to brainstorm along with your team.
Assess risks with great care
This is exceptionally crucial, and most experts agree on the fact that you should hire or have some focusing exclusively on risk assessments and management of the same for the next year and a half at the very least. This will allow your venture goals and methodologies to be objective as well as proactive to the point of streamlining the troubleshooting process.
Here are some of the risks you should look out for,
- Exchange rates
- Public markets risks
- Disruptions to the supply chain
- Exclusive dependency on capital sources
There are several other aspects to keep in mind as well, and these include allowing teams to work remotely while keeping them engaged, avoiding unrealistic expectations from the teams till the world returns to normalcy, and a clear communication channel between the staff and the administrators.
Believe that this too shall pass, and you will emerge as strong as ever. All the best.