- Logan Burchett
How COVID-19 can IMPROVE your startup?
Updated: Jul 24, 2020
The COVID-19 pandemic has impacted nearly every human life in some shape or form, whether directly from the virus itself, from restrictions on work and recreation, or from economic crises evolving worldwide. The start-up space is no exception.
Heading into the pandemic, many startups arrived without cash reserves to survive. Many startups continually struggle to find funding within the cautious investor environment of today. However, the Forecastr team has noticed a few silver linings amidst the pandemic disaster. As founders, we can harness hidden opportunities from a public health crisis to maneuver our growth within the new normal.
Embrace virtual operations through communication platforms
Social distancing restrictions challenged businesses to close office doors and enforce work from home for many employees who were lucky enough to keep their jobs. Many of these companies set no precedent for remote employee workflow or virtual meeting software.
Particularly within the startup space, we try to see problems as opportunities for innovation. In fact, startups frequently emerge as pioneers in the virtual environment; early startups almost exclusively work from home with no established office setting. We deeply understand the challenges in virtual operations and have identified solutions to streamline workflow.
Since COVID, Forecastr has truly embraced virtual operations and maximized the inherent flexibility of remote hiring to bring on multiple team members across the globe. Our team mitigated the learning curve on working from home, because we practice virtual collaboration every single day. Although this strategy seems obligatory for most businesses during the pandemic, it creates a sustainable process to hire and develop individuals with the most talent and the best culture fit – minus the outdated limitations of geographic location. Virtual operations allow businesses to maximize hiring potential and increase diversity within teams. Not to mention, we’re avoiding the rush hour commute.
Tap into talent in a COVID job market
While high unemployment rates create economic challenges – and even recessions – across the globe, startups suddenly have access to untapped talent in the labor pool. Amidst huge company layoffs, founders can seize the opportunity to recruit highly skilled and motivated job seekers from limitless geographic locations. Marry the expanding talent pool with increased flexibility of virtual operations, and startups can build a powerhouse team with infinite potential for growth.
Even more, COVID-19 challenges and elevates business models designed for a more remote world. As social distancing emboldens global telecommunication, programs such as Pangian, Symba and Workfrom thrive in the new normal, providing connections and virtual opportunities for work-from-home positions.
Redirect travel and rent expenses
With most non-essential travel on standby and remote operations as the new normal, startups can redirect rent and travel expenses toward development and growth. As virtual operations become the norm, startups more effectively build relationships and close deals with investors across the glove. As geographic borders blur, venture capitalists grow more open to funding companies outside their regions. Particularly during a time where many startups enter a cash crunch, Forecastr helps startups understand when that cash will run out and what capitalization strategy enables future growth. Now, more than ever, founders should cultivate their virtual networks and adapt business models to grow within to a rapidly evolving remote world.