The COVID-19 pandemic affected many industries, leaving many permanently changed. Large corporations are adopting work-from-home policies, and online shopping has become a norm. Home businesses and digital collaboration is the name of the game. Even iGaming has seen brick-and-mortar players flock to online casinos, like Play Casino, for recreation. It comes as no surprise that the pandemic has also changed how start-ups do business.
According to Jordan Carry, an expert in network marketing and business start-up advisor, it’s not all negative. Practices that used to be unconventional are fast becoming the new normal, and those who don’t adapt won’t last.
In this article, we’ll look at how the culture has changed due to the COVID-19 pandemic and offer a few tips for small businesses.
The Real Impact of COVID-19 on Start-up Culture
The spread of COVID-19 had an immediate and jarring impact on many global industries. Working in a traditional office environment was no longer possible, and companies were scrambling to find ways to adapt. Unfortunately, few were able to make the transition.
Since the start of the pandemic, over 70% of start-up businesses had to end the contracts of their full-time employees. More than 40% have fallen into a financial ‘red-zone’. Essentially, they don’t have enough reserve funds to support their businesses as revenue dropped. In short, traditional business practices didn’t just become outdated. Instead, they became impractical and irrelevant.
New Opportunities Arise
It’s not all been negative, however. In fact, the pandemic has led to a significant increase in entrepreneurial activity, and innovative thinkers have stepped up to fill these gaps. The ability to adapt to new methodologies and practices is no longer just a conversational topic, but a vital step that every start-up needs to take.
Consider General Motors, who went from manufacturing cars to developing air ventilators. Not only is it a completely different industry, but it’s seen the company remain solvent and profitable, while others fell by the wayside. Twitter’s CEO has changed policy to allow employees to work from home indefinitely. Zoomcar, a car-rental start-up, now works with emergency services to provide critical logistical aid.
Every aspect of start-up culture has changed, from its products and manufacturing to services, business models, and employment practices.
The Future of Start-up Culture
There are many things you need to consider when starting a new business. While many essential steps remain unchanged, there are some aspects of start-ups, home businesses, and network marketing practices that will be changed forever.
Quality Over Quantity
The way people look at new business opportunities has changed significantly. Over the last few years, start-ups have been cropping up in increasing numbers, with many failing or scrambling to find an industry foothold.
However, with the pandemic, entrepreneurs have begun to look at consumer habits and need more closely, considering sustainability and economic growth as key factors rather than ‘buzzword’ goals. Young companies will have to be much more financially aware, as well.
In this way, the start-up culture will likely see a new focus on services that provide a lot more value to their industries and clients.
Adapt or Die
As we’ve mentioned before, the ability to adapt has become more critical than ever. Old processes and models won’t carry a company through the pandemic. However, start-ups also need to concern themselves with new trends that will stick around post-pandemic.
There are a few key ways that a business can adapt to keep themselves relevant both during and after COVID-19:
- Adopt a new employee dynamic;
- Establish an online presence;
- Create business continuity plans; and
- Adopt critical digital practices.
Employee Dynamics and Digital Collaboration
Jack Dorsey’s actions are a prime example of how a CEO can help his company adapt quickly to critical changes. By allowing Twitter’s employees to work from home indefinitely, he’s created a far more sustainable culture. Remote work has become the new normal for many employees. As a result, employers have adapted their hours, practices, and communication to suit this change.
Using digital tools for meetings also allows for creative interaction between employees. As a bonus, remote work allows for more sustainable and eco-friendly business practices. It also reduces the cost of having and maintaining a large property.
Since the spread of COVID-19, consumers have been forced to find as many of their products and services online. Considering how convenient it is, it’s likely that this trend will continue long after the pandemic is over.
Online products and service offerings have never been so important. In fact, an essential part of any business start-up culture should be the ability to communicate and work with their clients online.
Many industries will forever feel the impact of the pandemic. Still, home business entrepreneurs and business start-ups will need to adapt to the new emerging business culture or make way for those that do.