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Positive things startups should do during slowdown
No company or startup does everything right so during slowdown it gives ample time to startups and companies to re think on the business model and make changes accordingly in the process of building robust business model.
The best part of strategy is that when you hit a wall is where you try to figure out how to overcome the wall and adapt to new strategy rather than trying to re figuring the old strategy, which did work when things were fine.
Doing networking helps a lot as you have enough time at hand due to slowdown the powerful tool of networking plays a vital role in getting new connections and contacts that can be helpful or even tie up with other companies and offer your services as package to end users
Developing new offerings the best time to do is during slowdown as this will help you in testing waters with one leg rather than jumping with both when things were good . New offerings that you launch will be well planned and controlled and at same time the effectiveness is understood much faster with impact rather than following offerings and giving too long time to understand the impact on revenue.
Talk to your customers and understand what went missing when things were fine as due to slowdown you will have enough time spending time with customers to understand the changes of there need also helps you in understanding customers better and being part of them. For e.g Biscuit companies came up with 5 rupees packet rather than giving same at 20 rupees.
Studying other industry and there impact also plays vital role during slowdown as CEO you can start analyzing the other industries which have adapted new ways of surviving slowdown helps in reviving your startup and also open windows to looking at other industry and finding solutions to the problems.
Spending time with family is also good during slowdown as during peak you had no time for yourself and your family which is integral part of your life spending time and relaxing helps you in rethinking and staying calm and composed during slowdown rather than just banging head how to avoid slowdown and deteriorate your health.