COVID19 – Advice for Startups & SMEs

COVID-19 ADVICE FOR STARTUPS & SMES

The COVID-19 disease has and continues to spread rapidly around the world, leaving its imprint on society and many fearing for the health of their business. Now you may already be sitting at home with your boxes of toilet rolls pancaking, so here is our first and most important piece of COVID-19 advice for you DON’T PANIC.

You can read this page for advice on how you can ensure your business continuity continues during the COVID-19 pandemic. This page will be reviewed and updated regularly so that you can keep up to date with the latest Coronavirus information and government response here: www.gov.uk.

COVID-19 Advice For Startups

Collaborate with other startups and provide each with open sources, so that you can all learn and grow together. You can also arrange skype meetings or Q&A sessions with other startups, to help increase your level of growth.

If you have not already outlined a solid 5-year growth plan, take this lockdown period as an opportunity to do so. Develop a solid plan that considers every commercial growth aspect, such as sales and marketing. If you think you already have the perfect strategy review it anyway, because as the market and society changes, so might your strategy.

Ensure that you keep all of your partners and investors up to date with information about how your business is coping with the crisis. Make sure they are aware of your business continuity plan so that they are not as worried about their investments.

It is important that you encourage and open lines of communication, that can remote workers can use to connect, engage and share information. Platforms like Collude will provide you with a private social platform that will bring your communities of employees, partners and even customers together in one place.

COVID-19 Advice for Small Businesses

Be innovative and try to come up with new ideas and approaches that your business can use to generate profit, during this period. Take a look at what people within your communities are asking for/or needing and identify if your business can fill any of those gaps.

Examine your costs and consider ways that you can reduce your business outgoings. For example, if all of your employees are working remotely you can cut your internet costs. You can also contact your larger vendors and ask them if they would be willing to wait for their payment/or set up a payment plan. But also try your hardest to pay any of your smaller vendors, as they will be in a similar position to you.

Don’t wait until you’re weeks into a crisis to develop a crisis plan. Start creating a solid crisis plan that you can use to overcome the COVID-19 pandemic and other crises that your business may face in the future, because remember failing to prepare, is preparing to fail.

Make sure to thank your customers for their support during these challenging times, and keep them updated about your business operations such as opening and closing. Just because your business activities may be at a halt, that doesn’t mean that you can’t use this time as an opportunity to build upon your existing customer relationships. You can do this by arranging a weekly updates call with your customers, or providing them with advice.

COVID-19 Advice for medium-sized businesses 

Consider doing some research into the schemes and loans that the government are offering to businesses that are affected by COVID-19, some of which are detailed below:

• Coronavirus Business Interruption Loan Scheme (find out more)
• Cash grants for businesses within the retail, hospitality and leisure sectors. Who are struggling to maintain the necessary profit, as a result of the COVID-19 virus (find out more)
• Time Pay service – aimed at “businesses with outstanding tax liabilities”, this service is aimed at helping selected businesses resolve their tax liabilities.

Keep an eye out for cybercriminals who have and will continue to use the pandemic as an opportunity to disrupt businesses using scams. Some recent examples are individuals impersonating government and official organisations, such as the tax department.

Take this time to analyse your business and even competitor’s growth, and use this to highlight any future opportunities for your business.

Keep your employees updated and give them the resources that they need to work remotely, such as a laptop, project management system, or communication platform. Continue to reassure your employees and encourage them to continue to work hard and stay safe.

Ensure your employees are aware of employee COVID-19 guidance and schemes, which will help them during these challenging times (read more).

A message to all

Be kind and think about how you can help out the vulnerable people within your community.  Have hope that this pandemic will pass and people will resume normal lives. And remember that every dark cloud has a silver lining. So try to find yours.

If you have any questions or would like some more advice please email us at hello@incepteo.com, we will answer your questions, and we even have a virtual coffee.