Future Strategy for Startups post COVID-19

A glimpse of the ‘New Normal’

The entire world is engulfed in a
mega-disaster. A virus that has impacted every country, every economy resulting
into a completely different and unprecedented scenario, offering no certainty
& leaving us to struggle with the monotony of familiarity.

The flourishing industries have
suddenly started facing losses, businesses are struggling to meet their targets
and the startups are struggling to just survive. Consumer demand and buying
patterns are uncertain and the supply chain is facing so many issues.

From macroeconomic factors to
individual employee preference, everything seems to be in a state of change. Which
again brings us to face the truth, that the only thing certain in this world is
uncertainty!

However, this uncertainty is having a
severe impact and is weakening the financial market. There is a substantial
decline in the equity and corporate bond market. People are concerned about the
counterparty risk, which is continuously drying up liquidity in the financial
market. The governments are forced to come up with stimulus package.

To boil up all into one line – This crisis is the worst nightmare with
little hope of stability in the near future!

We often keep asking – When will we
revert to routine life? Will everything be back to normal? But what if this is
the new normal?

This ‘New Normal’ is perplexing and here’s a glimpse.

Nothing could have defined the
importance of digitalization more than this crisis has. There is an enormous
shift from normal to e-commerce or digital shopping. Businesses all over the
world are strengthening and innovating and believe that online presence is the
only thing that will help them navigate through these tough times.

Giving your business an online presence
is no more an additional thing but has become the need of the hour. Your
profile is the new business card, your website is the new representation of
your business, & digital activities are the new office activities. Zoom
meetings, webinars, and conference calls are now a routine activity and not
just a weekly work from home thing. These things have now become a part of our
new routine and would continue for some more time.

Here are a few strategies that business can adapt to survive &
grow during this phase

Work from home

Work from home is no more an option but
has become the need of an hour. Many companies can easily adapt to this based
on their delivery functions, remotely managed servers, facilities at home for
employees to have uninterrupted access to internet, access to software
application thru web along with the required hardware, Data Security in place.
Working remotely helps in increasing productivity and also saving a lot of cost
for companies in terms of real estate rentals, infrastructure and other
overheads.

It also helps in diversifying as the
employers can hire anyone across the globe. So, adopting work from home can
prove beneficial for the company.

Outsourcing the work

Apart from hiring a full-time employee,
businesses can also outsource work to other companies or freelancers. This will
help in effective and efficient working. Of course, there should be enough
control measures in place.

Revise financial goals & strategies

The businesses should revise their
financial goals and redesign the strategies to achieve them. Since the world is
moving towards digital, strategize accordingly.

We at BOSTON FINANCIAL ADVISORY GROUP (www.bostonfagroup.com) have a product called Compliance iNBOX – CiB (http://www.complianceinbox.com/) that assists in the timely and
accurate compliance without the typical cost and hassles. Compliance is a
time-consuming and ongoing process and CiB focuses on simplifying the
compliance process even for companies that are operating across many
geographical borders. Boston Financial
Advisory Group has a team that is purely focused towards startup solutions to
enable and ease the financial funtion via an outsourcing model.