3 Tips For Surviving As A Startup During COVID-19
The COVID-19 pandemic has made entrepreneurs rethink how they run their businesses. For many companies maintaining social distancing, proceeding with regular business operations may prove to be difficult. However, such measures must be implemented to ensure the safety of employees.
Similarly, for owners of startups, be it IT-related startups, or any other service-related company, it is necessary to ensure that employees are well-equipped to work from their respective homes. While ensuring your employees’ well-being is important, so is clinching customers or clients and securing profits to make sure your business to pulls through during this period of time.
Read on to discover what are the steps you can take to ensure your business still thrives amid the crisis.
One of the essential things that you should do as the owner of a startup is cash management. With the current economic crisis due to the pandemic, many businesses are starting to lose customers and profits, with some employees even losing their jobs. For that reason, it’s important to cut down costs and make sure you have sufficient funds to focus on providing your products and services, marketing your business, and paying the required salaries.
It is simple as checking if your initial, chosen business space comprises all-inclusive costs. At Work+Store, we don’t only offer a wide range of the cheapest self-storages and workspaces, whereby storage units range from 6 sqft to 730 sqft while workspace sizes start at 88 sqft – but they also come with 24/7 CCTV surveillance and accessibility. Moreover, if you have an existing space with us – be it workspace or self-storage, you could consider downsizing temporarily to a small office for rent to put the focus of your funds on other much crucial areas of your business. We offer flexible and enticing lease terms whereby you’ll enjoy short term lease and offer contract transfer to all kinds of other services or products in our premises or even our parent company, LHN Group, boasting a comprehensive range inclusive of options such as commercial and industrial spaces, event locations, and many more.
Changing as per market valuation
As the owner of a startup, you will have to change your perspective and valuation as per the market. You have to find new methods to keep your company afloat. As market valuations change, you will have to find innovative approaches to raise money. For IT startups, this can prove to be an excellent time to come up with creative solutions to help the eCommerce industry to handle the surge of customer demands, as more and more customers will place orders online. However, startup valuations will become more conservative. Hence, you will also have to keep changing the valuation of your company and expectations as per the market conditions.
Once the pandemic settles down, and the government has taken proper control of the situation, businesses can officially return to their respective business spaces. On the other hand, if you’re looking for a new, low rent office space to slowly adjust and return to normalcy – be sure to look for a workspace with basic facilities included. Our workspaces are fully equipped with standard facilities like a powerpoint, lighting, and air conditioning. As for location-wise, we have a total of 10 locations, and they are as follows: Ang Mo Kio, Tampines, Pasir Panjang, Kallang, 72 Eunos, 100 Eunos, Bukit Merah, Aljunied, Bartley, and Upper Thomson. As of now, Work+Store is also offering a deal whereby you get to enjoy 2 months-rent free for our spaces at our Aljunied establishment. For a quick bite or scrumptious lunch, you can also visit one of the many F&B outlets near our Aljunied building. Ring up or give our staff a message if you’re in need of any additional details. Terms and conditions apply.
Understanding the importance of leadership
First and foremost, you have to prioritise the safety of all the employees you’re responsible for. Make sure you have enforced clear business expectations and protocols and polish them as much as necessary. At the same time, you should put together a concise plan for your organisation. Know what you should be prioritising and implement safety measures to always stay prepared in the event that the pandemic worsens. Last but not least – always communicate effectively with your team.
Meanwhile, if you are planning to look for workspace rental once the situation stabilises – consider one with an ancillary office to better manage your tasks. We are able to provide the cheapest self storages and workspaces to help meet your budget. At the same time, our workspaces are able to operate as an ancillary office, offering a conducive environment for admin and marketing activities, which is all the more needed amid the WFH (Work-from-Home) situation. When a self storage and workspace are combined together, it brings forward a creative business solution aiding in smoother logistics procedures and more efficient goods acquisition for better customer service.
While COVID-19 has posed numerous challenges for many businesses – it’s the steps one takes that helps to tide over this period. To start off, these are a couple of tips you can begin with.
Amid the COVID-19 period, both employers and employees must join hands and work even closer than ever before. Communicating with each other effectively can help in completing tasks quickly, and ensure the business stays afloat. Meanwhile, if there’s a need for you to access our spaces – you can still feel free to do so as access will still be given during this period. However, we request that existing tenants do comply with the established Circuit Breaker guidelines so we can all do our part in ensuring both our own and others safety.
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!