Not until the coronavirus (COVID-19) pandemic is over should the primary priority for start-up businesses be survival. In fact, this is what most businesses, including video production companies in Los Angeles, are doing. Chinese business magnate Jack Ma recently stated, “For people in business, 2020 is really just a year of staying alive. Don’t even talk about your dreams or plans. Just make sure you stay alive. If you can stay alive, then you would have made a profit already.”
So to help start-ups survive this pandemic, here are several points to add to their existing strategy:
- Don’t Panic and Never Lose Your Focus
It’s not a surprise that when the cash runs out, it can be really tough for every business owner. However, getting all panicky won’t get you anywhere. So it is advisable to focus on finding ways that will help you remain stable amidst the uncertainties.
Taking care of yourself allows you to be relaxed, which also influences your staff to remain calm and eventually gain a better mindset despite the crisis.
And before making critical decisions, take the time to calm yourself and clear your mind of any obstructions that can potentially affect the outcome of your choice. This will also help you to reevaluate complex situations, seek objective advice, and maintain a well-balanced perspective.
- Take Care of Your Staff
Do your best to keep your employees well taken care of as much as possible. Keep in mind that they are considered as the front liners of your business. Therefore, you should take the time to help them learn new skills that will make them more effective and successful despite the ongoing crisis.
If your staff is failing, then it’s a clear indication that you need to rethink your current strategies. While reassessing every angle, make sure to pay attention to your employees’ skills. Are they already equipped with the necessary skills if ever you decide to change how you run your operations?
- Manage Your Finances Efficiently
Look at your financial affairs and evaluate how you can manage your personal costs on a monthly basis with the people your business is affiliated with. What is needed, what can be retained?
If you have someone who can help you grow your business, speak freely, and frankly about your company’s immediate and long-term goals. It’s the best way to manage the financial health of your business. In fact, this is what most video production companies in Los Angeles are doing to keep their business going forward.