Tips for Startups During Times of Crisis

Averbug tips for startups crisis LinkedIn

As posted on LinkedIn

As an entrepreneur, in both Brazil and the US, I had to constantly battle with limited resources and deal with crises, both internal and external. The current COVID-19 pandemic is certainly unique in several ways, but many of the same lessons apply. I have prepared this list to hopefully help some entrepreneurs think through a few options to keep their heads over the water.

  1. Negotiate prices and payment schedules with suppliers and service providers.
  2. Review priorities and eliminate non-essential expenses.
  3. Consider on-demand production and drop-shipping instead of building inventory.
  4. Focus marketing on cheap/free social media, “guerrilla”, inbound, and SEO/SEM.
  5. Avoid on-premise software and switch to cheaper/free cloud-based (SaaS) options.
  6. Consider offering stock options mainly/only if you need to hire new C-level people.
  7. Outsource as much as you can instead of hiring (keeping) staff.
  8. Consider part-time consulting or freelancing to help pay the bills.
  9. Focus on government (relief) grants/loans and friends & family if you need funding.
  10. Take the opportunity to do market research, strategize, and consider pivoting.

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