1 min read What are the COVID-resistant businesses?
As businesses continue to close and others face uncertainty many startups find themselves wondering how they will stay afloat.
One of the biggest steps a company can take to ensure they are among the COVID-resistant businesses is to reassess their financial projections.
For many startups, this should be the first step in ensuring the company stays alive.
It’s essential to look at expenses from the bottom up to see what waste you can get rid of and how you can do things more efficiently.
While many startups are already running lean, it is important to look at ways to run even leaner.
Startups also need tight control on their timelines and roadmaps during these times.
When people are remote, it’s a less transparent work environment. Less transparency means that companies need to make people accountable.
Employees need to have a clear understanding of the company’s goals to be responsible.
It is now more important than ever to keep the lines of communication open. We no longer have the luxury of seeing someone in an office setting where it is easier to measure how employees are doing personally and professionally.
It’s essential to be as transparent and open as possible to make it through these uncertain times.
Hall T. Martin is the founder and CEO of the TEN Capital Network.TEN Capital has been connecting startups with investors for over ten years. You can connect with Hall about fundraising, business growth, and emerging technologies via LinkedIn or email: firstname.lastname@example.org