What startups should do while in a bubble

The other day we caught up with Krissy Sadler Bridge, MYOB’s national marketing manager.  She and her team create solutions for the problems that small to medium-sized businesses face in New Zealand.  Krissy spoke to us about the hardship that the pandemic is forcing on small business, but she also spoke about the light that is absolutely there at the end of the tunnel.  

As we know from every economic meltdown that has ever occurred in the past, there will be an upswing once the economy switches back into gear. This will be the result of pent up demand driven by a general desire to return to life as usual.  The great news is that startups and small businesses are uniquely placed to capitalise on this. This is not least because the world we re-enter will be an entirely new one where new products, services, and ideas will thrive.

Times of crises are moments where you are tested, individually and as a business. The Global Financial Crisis taught us back in 2008 that the businesses who invested in themselves with a focus on long-term stability weathered the storm better than others. So, now is the time to pay attention to the fundamentals. After coming to terms with the initial shock, planning should be item number one.

Right now, the entire global economy is entering hibernation. Every startup has an unprecedented opportunity to take this time to seriously consider the product or service your venture is bringing to market. For instance, ask yourself the following:

  • Does your product still add value? 

  • Do your distribution channels require re-thinking? 

  • Will your path to market strategy need updating? 

  • Are your original goals still applicable?

  • In the COVID Recovery world, Is your product less or more valuable and do you need to adjust?

Before you, there lies an opportunity to experiment like never before.  By correctly utilising the range of government support available to you, you have the capacity to survive and thrive.

Then as now, the key to a healthy startup community is networking. Use your network to navigate this period of change. There will always be people willing and eager to help, try your best to be one of them, and don’t be afraid to reach out.