3 Tips For Startups To Pull Through The Covid-19 Crisis
No one ever has an easy time with a pandemic – many have a hard time coping financially, mentally, and socially. It’ll start to affect one’s daily life greatly, resulting in a change of lifestyle, lack of social interaction, and a lower source of income. For instance, on top of time and task management, competing with other startups, and cash flow issues – there’s a lot that a startup will have to deal with in the beginning. A pandemic at that point in time will only make it a lot tougher to be successful.
As such, small businesses will need to be well-prepared against the effects of COVID-19, and act decisively to survive throughout the course of this financial predicament. Moving away from our usual workspaces and self-storages articles, we will instead be introducing different tips on how startups can survive the COVID-19 crisis.
Acquire sufficient cash
Take some time to sit back, evaluate, and adjust your cash flow forecasts – ask yourself this: will the drop in revenue end up affecting your ability to repay debt and pay suppliers?
Oftentimes, startups are the ones with unstable cash flows and low cash reserves, making them especially vulnerable in a difficult period such as this. In other words, you may have to consider focusing your priorities on liquidity and cash management. Think about the different financing options available to see what lines of credit you can consider when you need them. For instance, the Singapore government is providing support to freelancers with lesser work due to the pandemic by giving $1,000 every month for nine months to every small business and freelancer with less than $100,000 in yearly income. Even banks have introduced liquidity relief measures such as the Temporary Bridging Loan to help local SMEs tackle their urgent cash flow issues.
Try out downsizing
While downsizing in an economic crisis is related to cutting costs, either by cutting down on marketing and sales spend and salaries; there are still other ways you can lower your expenses without having to resort to retrenchment or pay cuts.
One such example is by downsizing your existing workspace, and going for one of a smaller space instead. Or you could also consider selling any unused or unnecessary equipment or materials which your work may not need. Amidst this difficult period where you want to have a smaller workspace or self storage, consider one of our spaces at Work+Store. Offering the cheapest self storages and workspaces with flexible and attractive lease terms, we provide short term lease and even the choice of contract transferring to various other services or products within our premises or even our parent company, LHN Group, encompassing commercial and industrial spaces, event location, vending machine spots, and many others.
Grab hold of any opportunities on sight
A pandemic may be unavoidable and unfortunate, but after every storm is a rainbow; you just need to know how to look for it. Especially if yours is a direct-to-consumer business, there are still various ways to reach out to your consumers without having to be in direct contact with them.
Right now, many are moving to online shopping instead – so, it’ll be a good time to set up an online store, website, or some kind of platform to market your products. For instance, you can suggest online consulting, online learning or classes, or even any sort of service or product which makes working from home much easier. This will help boost productivity levels and make tasks a lot easier to complete.
The slowing economy during the COVID-19 will inevitably be devastatingly damaging for many businesses – including startups. However, all it takes is a little bit of guidance and planning to be able to tide over this crisis successfully. Throughout this period of time, Work+Store’s business operations will still be continuing normally. Existing tenants will still have access to our spaces, but are strongly advised to keep to the government Circuit Breaker guidelines closely. As long as everyone does proper social distancing and avoid physical interaction as much as possible, we can unite and beat the virus together.
We are one of the cheapest self-storages and workspace rental units, where storage spaces begin from 6 sqft and vary up to 730 sqft, whereas workspaces continue from 88 sqft onwards. We even have 24/7 accessibility and camera surveillance available, so you get to access your unit whenever you want to. In other words, the combination of office and storage space together effectively brings about a heightened level of logistics procedures and goods acquisition management to boost customer service.
If you wish to find out more about Work+Store and our other storage options, feel free to contact us at +65 6578 9966 or WhatsApp us at (65) 8345 9966. Alternatively, you can email us at email@example.com for more information!