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March 20th, 2020

ELEVATE PERSPECTIVE

COVID-19 Preparation Tips for Startups

Chris LaMothe, Chief Executive Officer

Over the past few weeks we’ve seen COVID-19 take its toll on the international economy, knowing full well that that turmoil would likely reach the United States. In the past week, cases in Indiana have grown from zero to a dozen, with likely many more to be confirmed in the next several weeks.

As a statewide organization, we understand and see the impact that this pandemic has on businesses. Startups and scale ups across Indiana may experience supply-chain disruptions, loss in revenues, and an increased strain to make everything virtual so staff and guests are protected from contracting the virus. Businesses are encouraged to put the health and safety of their team first, but it is still imperative to ensure your operations run smoothly.

So, how can companies prepare for what’s to come?
  1. Lower your spend, conserve your cash. The spread timing for COVID-19 is unknown and it’s advised that you be prepared for some uncharted waters ahead. Whether it be weeks or months, having cash on hand may be the difference in your business’s future health.
  2. Build your network. While your business may experience a lull in sales, this is a great time to focus on building valuable relationships. Although in-person meetings are likely to be restricted or canceled, there are several ways to stay connected such as online networking, virtual meetings, or phone calls. In addition, do research on who you want to build connections with – this will ensure a strong, quality network that can benefit your business for years to come.
  3. Keep communication open, especially with your investors and customers. It’s critical that those working alongside you know ahead of time how this pandemic may affect your revenue projections and forecasts, your hiring plans, and your state of business in the coming months. Remaining transparent with key constituents allows them to recommend fight or flight strategies that may help your business.
  4. Implement virtual meetings/remote work. If you are not already taking advantage of the various resources to help you and your team work virtually, now may be the time to start. When teams get sick, productivity slows down. In addition, as travel bans are put into place, companies need to stay flexible and get creative when it comes to meetings and events. Tools such as Slack, Microsoft Teams, Google Hangouts, and Zoom provide ways for teams to communicate and collaborate from anywhere. Check out more resources to help you and your team work virtually:

We will continue to keep an eye on the status of COVID-19 from resources like the Center for Disease Control and the Indiana State Department of Health, During this time, the Elevate team will continue working to support Indiana’s entrepreneurial communities while providing weekly communications that will include relevant and thoughtful resources and information specific to how companies can get through this hard time.

For additional resources specific to COVID-19, feel free to click on these links:

 

Click here for more articles and resources on COVID-19 and managing your startup.

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