By Fernando Berrocal

As they negotiated carefully and rapidly reacted to the uncertainties of COVID-19, the startups of all sizes have taken on new unplanned difficulties. Even if you're dealing with financial issues or need to rethink a product line completely, running a business in today's environment is getting increasingly difficult as time goes on. Many startups have had success in recent months as they have learned to incorporate technological flexibility into their business strategy. Here are some important suggestions for this type of startup to consider following to secure their success as they prepare for the difficulties ahead.

Create a thriving environment for your Employees: While most organizations have been working from home since the beginning of the pandemic (march of 2020) and have adjusted to the refinements that have arisen as a result of this change, many of us have begun to feel alone in the workspace. Working from home will most certainly continue through the second half of 2021 at least, if not longer through 2022, so make sure your employees can stay productive and engaged in this new environment that we are facing. We don't know when things will return to a new "normal," so having enough technology and resources for your workers is critical while conducting virtual business at this time.

Implement Financial Best Practices:  In this suggestion, examine your organization more closely and critically consider its main strengths and flaws. Are you concerned that your client base may shrink? Are you concerned about losing your job or funding? You can prepare for worst-case circumstances in the lifespan of your startup by understanding your financial weaknesses. And, of course, cash rules will always be supreme. If there are any places where you can save money by tighter your belt, do so. There are numerous proactive actions you can take to better understand and secure your organization's current basis. Begin by contacting your current customers to see what useful information you can gather from them. Are the product and the user experience satisfactory to them? Also, make sure your product is a must-have one, not just simply a nice-to-have. Finally, it's crucial to realize that businesses that can stay afloat and grow throughout this period will have the most flexibility and capacity to pivot.

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Support Customers During Difficult Times:  Remember that customers are likely to be in the same boat as many businesses in these difficult and unforgiving times.  It's critical to understand their main problems, be empathetic, and be able to adapt to fulfill their immediate demands. If you service clients in the restaurant business, for example, you are well aware that they are suffering as a result of continuing closures and capacity constraints due to COVID 19. It's critical to change your product as needed and to be open and adaptable to meet your customers' current demands.

Increase Your Focus:  After you've figured out how your consumers are doing, think about how you might continue to appeal to them and others in the market. While you may not need to completely pivot, it may be useful to look at other options for expanding your audience and increasing your net income. You are diversifying your product and service options rather than becoming more focused on the market you originally set.

Reconsider your business strategy: As we approach the end of 2021, now is an excellent opportunity to review your long-term plans for your business and everything you have done to get there. Consider outsourcing services like accounting and IT to a third-party advice business to save even more money and time. Employing full-time, in-house specialists comes with a lot of hidden costs, so outsourcing certain parts of your organization might save you time and money in the long run. Having a firm grip of your finances and business strategy will enable you to lay a solid foundation for your startup and better plan for the future in these pandemic times and hopefully after those times.

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Ready to bring your startup to the next level? Apply to MassLight’s next batch. MassLight supplies capital and a dedicated tech team. We take equity in return. Have questions? Refer to our FAQ page.

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