SUMMARY
Consumers will start focusing on products that will offer more than just utility after the pandemic ends
Startups need to double down on reviewing their business model and trimming the fat
The first step has to be creating multiple business contingency plans for the months ahead
Covid19 Tech Impact
Latest updates & innovations, in-depth resources, live webinars and guides to help businesses navigate through the impact of the COVID19 pandemic on India's economy.
In uncertain times, it’s often the most elementary steps that prove to be difficult. The pandemic is no different and what seems like the most first step — cutting cost — is the hardest because of the human factor involved. But it’s a hard decision that many founders have taken and beyond this, the focus has to be on bouncing back by building for the world after the pandemic.
Speaking to Inc42 cofounder and CEO Vaibhav Vardhan, POSist cofounder and CEO Ashish Tulsian raised the point in the second episode of #StartupsVsCovid19 ‘Ask Me Anything’ series. He highlighted that the businesses need to utilise this time to build muscle and develop their products to stay put for whenever the market recovers.
In the AMA, Tulsian touched the pain points and challenges that Indian entrepreneurs are facing in terms of the cash crunch, cost-cutting, budgeting, business sustainability and more. He also laid emphasis on the need for the entrepreneurs to build up a plan for the next 3 months, 6 months, 9 months and a year to be prepared if the situation gets prolonged.
Whether it is the hunt for new customers that can enhance the prospects of the business or focus on the previous customers and geographies they have done well in — all this needs to be of importance for the businesses along with creating effective contingency plans.
“For the last two weeks we have been using this time consistently, to take a step back, look at exactly what the business was, what we were doing, what are the great partners we haven’t talk to or done well with, in those geographies,” Tulsian added.
Citing POSist’s example, Tulsian highlighted that the company itself has made a list of all the potential partners it can target once the Covid-19 situation begins to improve.
He also noted that the post-Covid-19 world would not be as easy going as the current one. People, customers and industries will let go of any product which is an extra, and focus more on those which are adding value to their lives. Businesses, which have managed to service their customers well with all this while, need not worry about bouncing back, Tulsian emphasised.
“The post-Coronavirus world is going to be a little ruthless, when it comes to reconfiguring how they consume services… People in post-corona world are going to look for much much more value, they’re not going to get on to good to have products anytime soon. Must have products are the only products and services, which are going to immediately work.”
