With over 13.5M worldwide coronavirus cases and no vaccine at the time this article is published, startups must continue to evolve. What can startups do to stay resilient and extend their runway?
Pivot and Reach More Customers
If your business was impacted by COVID-19, think about how you can alternate the good or service you provide to stay relevant and reach new customers. For example, some restaurants and restaurant suppliers were able to sell ingredients directly to customers at near wholesale prices. Nuro, an autonomous robotics startup, used the pandemic to their advantage and began a partnership with CVS to autonomously deliver prescription medications. As the adage goes, evolve or die.
Make Connections with Potential Investors Now
Though venture capitalists are not actively focusing on providing new capital, that does not mean startups and small businesses should be complacent. Relationships take time to foster, and given it is unknown exactly how much longer the world will essentially be on lockdown, it is better to form such relationships now rather than later. And, it may lead to investment in your business down the line.
Support Your Employees
The pandemic has not been easy for anyone, including those who have jobs. Your success as an entrepreneur is dependent on how you treat your employees; happy employees will feel valued and continue adding value to your business. For employees you have decided to retain or hire during this time, provide them the means to perform their role successfully. For employees who are able to work remotely, provide them with a reasonable stipend for necessary equipment. For employees who are required to work in the office, ensure their safety by providing them with masks and sanitation wipes, and consider paying them hazard pay. Though you may consider laying off staff, take care of your existing staff and they will take care of your business.
We’re your next CFO, but remote. You need more than a bookkeeper and less than a full-time CFO. Accounting firms or bookkeepers simply do your yearly tax return but who can help you with the day-to-day accounting & finance complexities that every small business face? We’re the tenacious partner who will work closely with you to create a strategic path forward. A path that positions your startup for optimum performance, prolonged growth, and limited risks.
According to this ,,article, startups need to hire CFOs sooner than they think. We understand it’s expensive to do so, and that’s why we exist. If your startup is struggling getting your numbers in order, visit us today at ,,www.aquifermarket.com. Our track record speaks for itself. We’ve successfully raised over $65 million in VC funding and have 15+ years of finance experience under our belt. Our services include financial modeling, data analytics, capital fundraising, transaction advisory, and accounting system setup.
Still not convinced? Ask yourself this:
- Is your financial system set up and organized?
- Do you know your company’s outlook in 3-5 years?
- Are you aware of key factors that impact your financials?
- Are you prepared to tough questions from VCs?
Focus on generating revenue. Leave the rest to us. ,,Contact us today for a free consultation.
Until next time,
Rich Zhou, CEO