Business startup

Startups And Business Challenges Due To Covid19

  • By unique challenges and circumstances, entrepreneurs and startups are facing every day, their interests for survival and getting through these tough times are only increasing.
  • The difficulties in  the  supply  chain  are  setting  out  to  be  a  big  hurdle  for  the  startups  and business within a wide range of industry, such as healthcare and manufacturing plant.
  • There is no  doubt  entrepreneurs  and  startups  are  going  to  suffer  due  to  this  rising  economic uncertainty.

How to Survive in COVID -19?

  • We have design  “CORSUR  Framework”  for  clients  to  survive  in  COVID  -19.  This  strategy encourages clients to maintain a strong sense of control and acts as a regular reminder of how capable we all are to this operation.
  • We’ve also used Hangout and HyLyt to design our very own digital co-working space. From 11 to 5, we   run   an   ongoing   all-hands   call   people   can   pop   in   and   out   for   meetings   and opportunities. While team members are working, they remain on HyLyt and Hangout with their cameras  off  and  microphones  muted.  By  assuming  an  office  environment  online,  we  can  chat, ask questions, and resolve problems as though we were sitting next to one another.
  • For SMEs and  MSMEs,  building  a  consumer  base  is  critical  to  stability  and  assists  with  further networking opportunities. Your consumers are the support on which expansion and income are founded.  It  is  natural  and  necessary  to  accept  every  client  that  can  be  managed  correctly  to increase your foothold in the marketplace or area.
  • They can estimate  what  the  future  of  their  business  may  hold  and  consequently  set  reflecting objects. The objects may not be met when expected or happen according to a method, but at the same time, these objects can be exceeded due to your business success.
  • With the industry  4.0  evolving  technologies  such  as  artificial  intelligence  (AI),  the  internet  of things  (IoT),  machine  learning  (ML),  Robotics,  3D  printing,  cybersecurity,  cloud  computing  and AR and VR. Technologies are going into the age of expertise and developing the understanding of these problems to better harness their power.
  • This smart technology brings with it masses of data, which is currently not being used to its full potential. In 2020,  manufacturers  need  to  harness  the  potential  of  data  and  technology  to create   innovations   that   improve   consumer’s   lives   and   provide   them   with   personalised experiences, while also protecting their privacy.
  • When you have  a  strong  business  model  and  its  performance  record,  a  more  accurate  and trustworthy forecast can be created.
  • Design a 2 quarter cash flow forecast, which should be stress-tested to search likely situations, including worst-case situations
  • New business models  will  emerge,  and  we  will  create  more  adaptive  businesses  with  more variable costs, lower debt, stronger balance sheets and with better risk management.
  • Major countries are close down, as are offices, shops, businesses, markets and industrial areas. Among the country  slowly  going  toward  lockdown,  you  will  need  to  be  motivated  with  your employees’ situation.
  • If you’re closing your store, find ways to keep your employees earning a pay-check by marketing on social media, putting your email list to good use or using a video tool to reach new leads.
  • As Harvard Business Review reports, “When customers are separated from the work that’s being done behind the scenes to serve them, they appreciate the service less and then they value the service less.” Describe  the  steps  you’re  taking  to  mitigate  risk  and  give  them  insight  into  the steps you’re taking to help the community.

For instance, in Wuhan, the cosmetics company Lin Qingxuan closed 40% of its stores — but the brand’s 100+ beauty advisors took to digital platforms like WeChat to engage customers virtually and increase online sales. “As a result, its sales in Wuhan achieved 200% growth compared to the prior year’s sales,” writes Harvard Business Review.

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