Startup Businesses and COVID-19

Tips for managing or starting a business during these unique times.

Having a startup or small business of any kind during these unprecedented times can bring on a lot of worry. With less demand and customers purchasing through different channels, how do you stay afloat and navigate this new environment? Check out these helpful tips for starting a business or strengthening your businesses during these crazy times.

Be Adaptable
Most startup businesses pride themselves on their ability to be innovative. While most of this innovation is put toward products, it’s time to get innovative about the way we work. This means working around travel bans, navigating a work from home environment and learning how to keep growing when everything around you feels like it’s at a standstill. This also means going all-in on digital and using technology to find and service your customers.

Build a Strong Board of Directors
With a strong Board of Directors you’ll be able to have a trusted team backing every move you make. In times of uncertainty, it’s crucial that all decisions are well thought out, calculated and analyzed from all perspectives. A Board of Directors will help you do exactly that. Lean on them during this time. That’s what your Board is there for.

Take Smart Safe Risks
They say you can’t grow without taking risks. While this can be true, you need to be sure the risks you’re taking are smart and safe. Now is not the time to be doing things just to get customers interested in you. This is the time to show your current consumer base that you are dependable, strong and adaptable. While you shouldn’t take needless risks, remember that conducting business in exactly the same way as you did pre-COVID may be the biggest risk.

Worried about staying protected for the unexpected. HRO Resources offers HR and insurance packages made specifically for small businesses and startups. Get a free consultation today.