Yes, we’re witnessing a crisis unfolding. Not only people get gripped by the coronavirus fear. It’s like a stroke for most businesses — some will recover, some won’t. Does this corona crisis necessarily mean a failure for your business? If you play your cards right, Covid-19 could spell… success. So, no need to read coffee grounds to tell what awaits your business, experts advise on how to make the most of the current situation. Now let’s have a closer look at the tricky marketing situation that industries face right now. People stay at home People are staying at home. There’s no telling what damage coronavirus will bring for travel services. It could take has sent it to. So, many of them will have to lie low unless they find a way to adjust. months for the industry to recover from the tailspin the coronavirus Another wave of impact runs through e-learning: Covid-19 compelled the . In response, education technology companies have stepped forward. Mass . shift to virtual learning technology adoption is what drives the dynamics of ed-tech financing People still need to eat. in the order number. To minimize the danger while passing the packages, some delivery apps now provide the option to ask for a no-contact drop-off. Food-delivery expects a high surge People adjust to working from home. Quarantine pushed . Workplace software companies do their best to stand up to extraordinary demand for facilities for corporate communication, virtual meetings, and training sessions. WFH from a growing trend to a central focus Growing industries Amid coronavirus pandemic, . Coronavirus increases users’ reliance on it. For example, China has moved half of its medical care online. This dramatic increase in virtual visits slowed down coronavirus transmission. Virtual services, like online symptom-checking tools and remote consults with doctors, could keep the so-called “worried well” from flooding hospitals. telemedicine is revolutionizing healthcare People stockpile. The growing alarm over the coronavirus makes them . Some experts claim that this will have a permanent effect on future shopping habits. The analysis shown an 8.8% increase in conversion rates, compared with the same period the previous year. place large orders More and more . Due to the coronavirus, retailers supplying like toilet paper, face masks, and water bottles are having significant sagging under the weight of surge in demand. Still, in the long-term, these retailers are concerned the coronavirus will negatively impact their revenue in 2020. buyers who were visiting websites do make a purchase Startup rescue plan That said, Covid-19 is likely to fuel areas like online . shopping, e-learning, healthcare, delivery service, and remote work Clearly, it’s no longer business as usual, no longer a regular market, especially if you’re leading a startup or a small company. Given different degrees of preparedness across companies, we’ve prepared a general : action plan to tackle this pressing challenge and test your assumptions about customers and revenue. You need to figure out your actual burn rate and runway in this new environment now. Estimate the risks Set up a , set up communication standards and tools to stay productive. Remember that you are . WFH environment recognized for what you do, not your time in the office chair from the team and maintain a healthy team spirit. Your team can be just as happy, connected, and productive at home as they are in the office. Explain your expectations you have on hand and picture how you could make it last for at least six to nine months. And if you don’t have enough, look at how you could cut expenses or increase sales by doing something different. Analyze the resources with a better value for money ratio. Find alternative development resources Switching the non-vital process to an outsourced team can greatly decrease costs. Besides, unlike in-house employees who may not be able to find a replacement if they get sick, you can rest assured the job is covered with no gap by an outsourced team. than ever. Come out of this disruption stronger Of course, coronavirus isn’t something we’d have wished. But from scarcity and reframed perspectives comes innovation and creativity. that could quickly produce a lot of ventilators, masks or gowns, screening existing drugs for effectiveness, novel approaches to vaccines, and new therapeutics that big pharma companies are unlikely to develop. Investors are seeking startups , so . For instance, a health services startup and a provider of telemedicine, which previously specialized in Opioid Use Disorder treatment, managed to meet the growing demand for its virtual medication-assisted treatment programs due to Covid-19. As a result, Series A capital fundraising was announced. Its online portal quickly collaborates with on-site providers and transition patients into virtual care at home and already works in remote and rural areas. Startups are flexible adjust to changes faster This example shows that a startup leader needs to plan, communicate, and act. Together, we can get through this. https://www.zfort.com/blog/coronavirus-pandemic-guide-to-survive-startups
