Recommendations from Gritstack on Corona vs Startups
1- Build a strong, remote workforce- Startups should jump right into it, set the foundation from the start to build resillience for a more rapidly changing world. Video conferencing is the new normal. Be a good example by conveying to employees, emphasizing the need of staying at home this time.
2- Find sustainable ways- Working from home for a long time can be excessively boring so people would want to feel lively. You as an owner have to make sure that your co-workers are entertained & feel well at home. This could be by giving time of their normal work schedule for doing home works outs or finding other positive routines.
3- Cash flow positive- The funding will slow down in the next few quarters. So if the sales are about to fall ,let's say by 25%-50%, then identify how to cut costs accordingly to remain profitable. Rather than firing, the founders and the employees can accommodate equally. There is also a lot of help from the government and authorities. 4- Contingency plan- Your workforce might not have a corona virus +ve case now, but you should always be prepared. Develop contingency plans tailored to your industry and how you will manage if the absenteeism rates go up. #traction #grit #startup #scaleup #gritstack