Sailing through the tide — COVID 19

The year 2020 was a year with many different outcomes. Some of the companies faced many hardships and some flourished and faced the pandemic very positively. If you were in one of the following industries, you may have first hand experience in the downfall of the business interactions.

1. Airlines
2. Leisure Facilities
3. Oil & Gas Drilling
4. Automobile, Auto Parts, and Equipment
5. Restaurants

What does this really teach you? When it comes to the situation of the market, how the ripple affects the secondary industries?

When cutting the budget, IT department is the first one to get their funds reduced!

If you think about any R&D projects or enhancements of the platforms, most of them were stopped due to the COVID situation. This lead to the budget cut down of industry giants and it affected the work tier adversely.

And also some companies tend to find better strategies to sail through the tide effectively. By thinking more positive and impactful changes to uplift the industry. And it brings an important lesson for all the industries, especially startups.

How startups faced this

Startups often have different critical goals that need to be addressed within a limited time period. If we think about the success of the start-ups with investments. Most success stories come with embracing change while advancing fast.

Startups who adhered to the change fast achieved more and more in these pandemic situations

The COVID 19 made a huge difference in how the IT industry works. The remote working became the new working class. This forced management to refine their way of managing software development into more formal ways rather than direct communication. This seems like a good impact since it will make the planning better for the management.

Key points for startups

1. Always test the product in the market before going forward with big features. Sooner you do this, the more you will get.
2. Yes, you can develop a good tech company or a product for your idea, but it could take a bit of time to come to the place where it should be. So always keep your income on different streams by working towards the end goal. If you think about this strategy, every successful startup did it.
3. Pick your teams wisely. The team is like the foundation of a tech company. You can always come up with good ideas but the core people who believe in this will be the ones who make it happen. This is a gut feeling so make sure you are making correct decisions.
4. Lateral thinking. Any problem you have to think creatively and come up with beautiful ideas
5. Plan your budget with a good saving at least to pay 4 months ahead of time. (This includes even if you are starting with yourself)

Finally, all the industries in the world had different impacts and people who managed this successfully came flourished. In this time period (beginning of 2021) its better if you can think about the post COVID situation and how you can capture the goals that you missed in the past time period. Always aim for short term goals and your bigger picture will be emerging as a collective effort.