Startups are among the hardest hit due to the pandemic. As businesses start to reopen, organizations are taking stock of how to prepare for the ‘NEXT’, the new normal where no one knows what is in store. This journey is expected to be especially tough for startups as they bear the brunt of the economic impact of this crisis. However, it does not have to be a bleak outlook if startups leverage their inherent strengths of innovation, agility, passion, and a problem-solving approach. These are the traits that drew the investors, customers, and employees to them in the first place. What a startup needs to do is to contextualize its narratives to the current situation and communicate clearly with each of its stakeholders.

‘Lets-deal-with-it-with-our-purpose-at-the-heart’ approach. Here, the organization quickly swung into action by putting its well-crafted and well-rehearsed crisis plan into motion. The leaders focused their attention on the two critical aspects of the business—employees and customers. They adapted the business strategy keeping the purpose of the company at the center. The CEO engaged with the employees to talk about the situation at hand and the steps being taken to handle the crisis. Hard decisions were taken including cost-cutting, but with complete transparency and a clear roadmap for the future. The startup also directed its energy to identify new opportunities to tap into the situational needs arising due to the lockdown. This helped them retain their customers (and win some new ones too) in the short term and build trust in the long run. Investors were shown a clear course of action to recover from this crisis, with a strategic yet practical plan for the coming year.

If you are a leader of a startup and are wondering how to go about planning your communication strategy as well as crisis readiness, take your time to be:

Credible: The communication during this crisis must come from the leader in a credible and authentic manner, drawing from the purpose of the company. It is the leader’s responsibility to communicate early and often enough to keep fear and anxiety at bay. A thought-through business continuity plan with employees and customers at the core will help the business sail through this difficult phase.

Source Credit: Financial Express

To advertise with BEntrepreneur Magazine & Youtube Channel: https://bentrepreneur.biz/advertise-with-us/