A very short guide for start-ups in the Corona crisis

A very short guide for start-ups in the Corona crisis

20.3.2020 – Startupticker compiled six success factors and five useful links for start-ups suffering from the Corona crisis.

During the last days we read a lot of blog posts and articles and spoke to several entrepreneurs who tackled crises successfully. We tried to identify the most import success factors to get right to the heart of the matter.

The success factors include

Transparency: Make sure that you monitor all relevant information from account balance to personnel costs in real time.

Communication: Talk to your team but also to investors, the house bank, the landlord and other suppliers. In this way you will create trust and be able to sound out the options for paying bills, for example.

24 Month Runway: Create a plan that shows how your business can survive 24 months

Reversibility: If you have to make tough decisions, such as firing employees, try to implement the decisions in a way that you can reverse them. This means, for example, that the employee rejoins your company when things start to improve again

Vision: In the crisis following the bursting of the dotcom bubble, it were above all those start-ups that had a clear-cut vision about their goals and what want to achieve that survived.

Luck: As always in business life – not everything can be controlled. It takes a dose of luck.

Useful information

Source: Startupticker