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In the past year, the pandemic has flipped entire industries upside down.
Like any business, startups are also vulnerable to pandemic risks and require a bulletproof backup plan if things take a wrong turn.
We’re always happy to step in with actionable tips that will help you make your startup pandemic-proof.
Re-Do Financial Projections
Get used to your old financial projections going through the window because of the pandemic. Your pandemic-proof business plan needs new estimations.
As we’ve seen for the past year, the pandemic economy is volatile. Without updating your financial projections, your entire operation is at risk.
However, there’s an upside to re-doing your financial estimates.
First, it gives you a new and unbiased view of your startup’s economic outlook.
This insight is one of the most critical pieces of information for understanding the path your startup will take in the coming years.
It might feel demotivating to re-do your finances, but understanding how it affects your startup’s future can only do well for your decision-making.
As strange as it sounds, this should excite and motivate you and your team.
After all, you’ve already done half the work—now you just have to build on what’s already there in light of new information from the ground.
Since the pandemic economy is unstable, investors aren’t as quick to jump on board for every startup that requires funding.
For this reason, your pandemic-proof business plan needs to disclose how you’re going to fund your brilliant ideas, or you risk running out of funds before you get to conquer the market.
There are several funding options available that you can look to:
- bank loans
- angel investors and venture capitalists
- Covid relief plans
- government programs
Checking out these options for your pandemic-proof business plan is a great place to start.
Figuring out how your startup will get funding mid-pandemic is a bridge you have to cross if you want it to be successful in 2021.
Prepare a Remote Workflow
Becoming pandemic-proof means your business plan must take into account how your business will function if team members are in lockdown on different sites.
Working remotely is an essential lifeline that keeps your startup in business and ensures your operations stay resilient.
How your team functions in these circumstances will make or break the success of your startup.
Preparing a remote workflow as part of your plan should be your highest operational priority, and no workflow is complete without talking about the operation specifics.
After all, what’s the point in having remote tools and protocols if your team doesn’t know how to use them?
The protocols should include every bit of info that an employee would need to be effective at their position.
Your remote workflow plan should cover the following points:
- a complete list of team management tools employees will use when working remotely
- a duty hierarchy so that your team can delegate tasks quickly in case somebody gets sick
- remote communication training, so the flow of information between them doesn’t suffer in remote mode
Remote work should be in your second nature by now. Tend to it with great care.
List Your Operational Challenges
Start evaluating your operational challenges to find which are the most vulnerable parts of your operations. Getting a clear picture of your operational dependency will move your business towards finding a solution for specific disruption scenarios.
If your startup is not selling software, you depend on materials from other businesses in your space.
If their operations are at risk, yours are as well. That’s why the first order of business should be to assess which parts of your operations depend on other companies.
94% of Fortune 1000 companies have faced supply chain disruptions because of the ongoing pandemic.
Even the companies with the most resources in the industry have had their business disrupted and failed to prepare alternatives.
After identifying the vulnerable parts of your operations, you can start sketching out alternatives.
Supply chain disruptions are hurting even the best-standing businesses out there. Your startup has to do better and plan for new disruptions.
Revise Your Revenue Growth Plan
Your sales are at the heart of your startup’s success.
When you understand how to keep your sales undisrupted by the pandemic, you can keep them going despite the difficulties of the pandemic.
When the pandemic broke out, overnight, businesses had to shift to online sales only, while their sales teams had no defined strategy on how to tackle it and lacked the tools they needed to be effective.
Lucky for you, if you are a SaaS startup, you do everything online anyway. However, your sales and revenue plans still might need some tweaking.
Things you can do are adjusting your subscription tiers, working on improving signups with better onboarding, and relying more on upselling and cross selling.
If you want to turn your startup into a success story in 2021, the first thing you have to do is to create a pandemic-proof business plan.
It might feel difficult to go back to the drawing board and re-do your business plan but remember that outstanding leaders do things not because they are easy but because they are hard.
Rising to that challenge is necessary for the wellbeing of your life’s work—your startup.
About the Author
Ashley Wilson is a digital nomad and writer for hire, specialized in business and tech topics. In her self-care time, she practices yoga via Youtube. She has been known to reference movies in casual conversation and enjoys trying out new food. You can get in touch with Ashley via Twitter.
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