Even as the world looks to progressively restart economies after the lockdown, the woes are far from done and dusted for the business owners.
The pandemic remains. The recession is the biggest in decades.
There are paramount challenges ahead for all startups.
If you run a business, you must know how to effectively weather this (massive) storm and navigate your company in the right direction.
It’s not going to be easy, of course. But we’ve got you covered to ensure you have an informed approach.
Here are 10 things your startup needs to survive the current crisis:
1. Grounded And Empathetic Leadership
“The challenge of leadership is to be strong, but not rude; be kind, but not weak; be bold, but not a bully; be thoughtful, but not lazy; be humble, but not timid; be proud, but not arrogant; have humor, but without folly.” – Jim Rohn
This is the time for you to stand up, pick up the oar, and sail your team through this storm. This is a fundamental requirement here.
A company that lacks adequate leadership – which is grounded to the goals and understanding of the team – will inevitably lose the game.
So, audit yourself as a leader. Make necessary improvements in how you’re leading your team and company at large. A crucial part of your startup success depends on this very element.
2. More Brand Awareness
Think of a company that enjoys good brand value.
Do you think that business will tank in this recession?
Exactly; it’s highly unlikely.
Owing to their effective brand positioning, they will continue enjoying business opportunities despite the downturn. They will be much better placed than competitors.
That’s the power of the brand. And that’s what you need right now.
If you’ve never cared about branding before, this is the time to do that.
Invest to generate more brand awareness. Turn that awareness into engagement – and that engagement into imminent conversion. It all starts with more brand awareness and that’s what you should be focusing on at present.
3. Seamless Communication With The Consumers
Continuing with the previous point…
How do you generate more brand awareness?
Whether you’re trying to do that organically or through ads, communication would be the cornerstone of that.
You need to communicate with the relevant audience more… And then some more.
Hook them into meaningful conversations on social channels. Ask them questions. Answer their questions.
Give your brand a more human touch to connect with the consumers.
The more you communicate with them, the more they would care about you. A connection between them and your brand would inevitably result in opportunities and financial returns for you.
Consult a digital marketing company India regarding how to strategically communicate with the audience.
4. Better Ranking on SERP
There are many ways to improve your brand or business discoverability. Search engines are one of the most effective ways.
Ranking higher on Search Engine Result Pages (SERPs) for the right keywords can really bring an exponential boost for your business.
You’ll have an edge over competitors.
You will attract more leads.
Plus, you will enjoy greater leeway to drive brand engagement with the targeted audience.
So, spend resources on getting your business more visible on SERPs. Consider hiring a good SEO company in Kolkata for help.
5. Team of Committed Professionals
We said in #1 that you need to be a good leader. Of course, that’s essential.
But you need a team in the first place that needs to be led.
And if you have a team of good people, that leading part becomes so much easier, effective, and rewarding.
So, take some time out to become HR-driven so as to sort your team members’ issues and align them to a uniform and centralized goal that the company, collectively, needs to focus on. Listen to them and address their anxiety and needs.
In short, while you definitely need to display solid leadership skills, getting your startup to survive this crisis would require collective work. You need the right (and committed) team to have your back.
More in PART 2
There are several other strings you need to pull to combat the current challenges.
This is PART 1 of 2-part series on 10 Things Your Startup Needs To Survive the Current Crisis. Click here to read part 2.